LodeStar Supports Nationwide Pricing For Attorney Opinion Letters
LodeStar Software Solutions, a national provider of closing fee-related compliance tools for mortgage lenders, has made its closing fee technology and data available for attorneys and firms issuing Attorney Opinion Letters (AOL) in lieu of traditional title insurance policies.
An AOL is a due diligence alternative to title insurance which consists of a written statement by a real estate attorney providing an opinion as to the status and marketability of a property’s title. They typically include an analysis of property records and identify any potential legal claims or defects. AOLs have recently been approved by both Freddie Mac and Fannie Mae as acceptable alternatives to title insurance policies.
“While there’s a healthy debate in the industry regarding the adequacy of AOLs as substitutes for title insurance, the reality is that mortgage originators, seeking to battle rising costs, are using them for transactions where they make sense,” said LodeStar CEO and Co-Founder Jim Paolino. “As the closing cost experts, LodeStar aims to bring transparency, accuracy and speed to the fee estimate and TRID process for a wide range of transaction types.”
Founded in 2013 and utilized by thousands of originators nationwide, LodeStar helps mortgage originators effectively manage their third-party closing costs to save both time and money as well as maintaining TRID (TILA-RESPA Integrated Disclosure Rule) compliance. Quotes are automated in the mortgage lender’s origination system and 100% guaranteed for accuracy.
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