HOI Verification

 Axle is the third-party vendor we use to help the borrower verify their HOI coverage on the home. Verification of HOI coverage is needed when the HELOC is in first lien position.

Verifying Via Axle

Step 1

In the borrower’s Loan Hub, in their To-Do List, they will click Start Task

Step 2

A pop-up will appear for them to link their insurance account or upload documents. Click to start the connection. 

Step 3 

Axle will launch – Borrower will click Continue

Step 4 

The next pop-up will show the borrower what information is released when they connect their account:

• To move forward, the borrower will click Continue

Step 5

The borrower can choose their insurance carrier from the list or search for it if it’s not shown.

Step 6

The borrower will enter their credentials that they use to look up their account online, and click Connect

Step 7

Axle will show the policy, or policies, held. The borrower will select the policy and click Continue

Step 8 

Axle will start to obtain the info from the insurance carrier

Step 9 

Axle will give the borrower the opportunity to enter their phone number for faster connection in the future

• This is optional
• The borrower can click Finish without saving

Step 10

If the borrower’s connection is successful, their task will be moved to “Completed”

Manual HOI Upload

Step 1

In the borrower’s Loan Hub, in their To-Do List, they will click Start Task

Step 2

The borrower will upload their HOI document

NOTE: Please ensure they upload a PDF document that is legible and all pages of the HOI declaration page are included.

Step 3

Once the HOI has been uploaded the task will move to Pending UW Review

Step 4

The HOI will be reviewed, and once completed, it will move to that area in their To-Do list

Things to Know

Below are things to remember when it comes to the HOI:

• If the HELOC they are applying for is going to be in first lien position, we will require the mortgagee clause to be updated.
• The coverage needs to cover the replacement cost.
• If anything is needed from the borrower, it will be requested from them in the form of a task.
  • They will receive an email letting them know to go in their portal.
• If the home is in a Flood Zone:
  • Proof of flood insurance is required at the time of origination for any property located within any area designated by FEMA as a special flood hazard area (SFHA).