InspectHOA and Velma announced a new partnership to provide mortgage lenders with a fully automated homeowner’s association (HOA) document collection solution.
This partnership will combine Velma’s Connector automation and engagement workflow product with InspectHOA’s documents acquisition platform, with the aim to transform the manual internal process of gathering and uploading the required HOA documents, critical analysis, and fees to the loan origination system (LOS).
Connector will automate the ordering, preparing, and tracking of HOA document requests and pass the order via API to InspectHOA, which will take care of the documents acquisition and HOA communication, from start to finish. Connector will then upload the documents and information back into the LOS and notify the lender.
“We are thrilled to partner with InspectHOA,” Velma’s CEO Ben Price said in a release. “This partnership is an excellent opportunity to combine our unique strengths to drive more automation and provide even greater value to our customers. As the largest player in the market, InspectHOA will be a great partner to leverage our technologies.”
Vishrut Malhotra, CEO and co-founder at InspectHOA, added “This partnership allows both our companies to transform the industry and help more lenders to seamlessly leverage technology to their advantage.”
The partnership agreement was signed in February and the companies are reportedly working to release the combined solution.