New Fannie Mae Guidance Set To Lower Consumer Costs On Home Loans
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, in response to changes to the Fannie Mae Single Family Selling Guide (SEL-2022-03, April 6, 2022), now 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 VoxturVerifiedÒ 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.
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