Voxtur to Provide Attorney Opinion Letters on Fannie Mae Loans
TORONTO and TAMPA, Fla., April 07, 2022 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) ("Voxtur" or the "Company"), a North American technology company creating a more transparent and accessible real estate lending ecosystem, announced, in response to changes to the Fannie Mae Single Family Selling Guide released today (SEL-2022-03, April 6, 2022), that it offers a fully compliant alternative to title insurance through its Attorney Opinion Letter (AOL) program.
“The promise of technology has largely been lost in the mortgage industry and little has been done to reduce costs for consumers,” said Jim Albertelli, CEO of Voxtur. “Fannie Mae has identified closing costs as a barrier to homeownership. Our Voxtur AOL program immediately and directly reduces those costs, maybe opening the door to homeownership a little wider for more Americans.”
A Voxtur AOL provides an attorney’s opinion of title backed by transactional liability insurance that follows the loan into the secondary market and is issued by AM Best A Rated carriers. Provided in partnership with established real estate law firms in the industry, this product allows lenders to offer a low-risk alternative to title insurance that supports Fannie Mae’s housing goals.
These guideline changes represent a notable paradigm shift in support of more affordable homeownership. Voxtur’s AOL initiative marks the first time that attorney opinion letters have been produced with consistency and scale. This combination presents a unique opportunity for impactful change that will benefit consumers across the United States.
“Homeownership is one of the most effective ways to improve financial and social well-being,” said Stacy Mestayer, Chief Legal Officer of Voxtur. “By combining our VoxturVerified technology with an attorney work product, we can save the consumer a considerable amount in closing costs. For some, this could be an entire mortgage payment, which is meaningful.”
Voxtur currently offers AOL in select states, through strategic partnerships with lenders and service providers. The Company plans to make its Voxtur AOL available throughout the U.S. in the coming months.
For more information, visit our website at a href="http://www.voxtur-AOL.com" rel="nofollow" target="_blank">www.voxtur-AOL.com.
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking information”). Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include but is not limited to: the anticipated financial performance of the Company and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional guidance related to Fannie Mae guideline updates; additional costs related to acquisitions; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure or failure to implement technological upgrades; the Company’s dependence on maintaining intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein.
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Voxtur’s common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
Stacy Mestayer | Chief Legal Officer