AmeriSave cuts insurance verification work by 56% with Canopy Connect

AmeriSave says a 90-day rollout of Canopy Connect reduced homeowners insurance verification work by 56% and shaved 1.2 days off clear-to-close on loans using Canopy documents. The results point to faster mortgage processing and fewer borrower and processor touchpoints when insurance data comes directly from carriers.

Why it matters: - AmeriSave’s results suggest mortgage lenders can speed up closing timelines by replacing manual insurance checks with direct carrier verification. - The workflow change reduced processor work and borrower friction in a step that often slows loans before closing. - Canopy Connect said the pilot shows how insurance data pulled from the source can improve data quality and reduce document failures.

What happened: - AmeriSave and Canopy Connect announced results from a 90-day pilot across AmeriSave’s mortgage pipeline. - AmeriSave cut insurance verification work by 56% compared with its manual process. - Loans using Canopy documents reached clear-to-close 1.2 days faster. - AmeriSave went live one week after signing.

The details: - AmeriSave previously used emails, faxes, calls to insurance agents and borrower uploads for insurance verification. - With Canopy Connect, borrowers log into their insurance carrier through a secure connection, and verified policy documents arrive directly from the source. - Loans verified through Canopy Connect saw 53% fewer processor touchpoints. - Requests to insurance agents were nearly eliminated. - AmeriSave saw 7x fewer document failures than with manually collected insurance documents. - The company reported zero fraud flags across nearly 3,000 documents. - The insurance condition closed 13% faster. - Loans with Canopy documents improved pull-through from sale to underwriter approval by 5 points versus loans where documents were not retrieved. - Nearly two in three borrowers who opened the Canopy Connect flow completed it, above AmeriSave’s 30% target. - 82% of Canopy documents arrived before the loan entered processing. - AmeriSave has more than 24 years in business and was already using secure digital connections for bank-account and payroll verification.

Between the lines: - The results show lenders may gain the most when verification tools match the rest of a digital mortgage workflow. - The numbers also suggest borrowers are more likely to complete a verification flow when the process is short and tied to a familiar carrier login. - AmeriSave’s comments frame the biggest benefit as reclaiming time that used to go to chasing documents. - Canopy Connect is positioning carrier-sourced insurance data as a cleaner alternative to borrower-uploaded documents.

What's next: - AmeriSave is now using Canopy Connect across its mortgage pipeline. - Canopy Connect said lenders, including mortgage companies, can retrieve verified insurance information directly from carriers in seconds and pass it into other systems via API. - AmeriSave is expected to keep using the workflow to support faster closings and fewer manual touchpoints. - More information is available in the full AmeriSave case study and on AmeriSave’s website.