TORONTO and TAMPA, Fla., Oct. 17, 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 today, in response to updates to the VA Lenders Handbook released on October 12, 2022 (VA Pamphlet 26-7, Chapter 9), that the Voxtur Attorney Opinion Letter ("Voxtur AOL") is now available as a fully compliant alternative to title insurance on VA direct and VA-backed home loans.
The Department of Veterans Affairs (VA) released updates to its Lenders Handbook last week, including language regarding use of an Attorney Opinion Letter in lieu of title insurance. The VA has never required a lender making a VA loan to obtain title insurance, stating in its Lenders Handbook that the lender may instead apply its own title insurance requirements to VA loan transactions. The Lenders Handbook now provides that, effective September 29, 2022, the provisions regarding title insurance have been revised to include Attorney Opinion Letters.
Voxtur continues to drive innovation and change for the benefit of consumers with its Voxtur AOL, one of the only fully insured title alternatives available. Following its announcement in response to Fannie Mae's announced acceptance of Attorney Opinion Letters in April, the Company has continued to gain momentum in the roll out of Voxtur AOL. With this change to the VA Lenders Handbook, Voxtur can further its mission to reduce the cost of homeownership by extending the benefit to Veterans.
"Voxtur is bringing about significant change in the real estate ecosystem to benefit consumers and lenders alike by lowering costs and enhancing overall efficiencies," said Jim Albertelli, CEO of Voxtur. "The desire to support our Veterans, service members, and their survivors has always been a driving force behind the Voxtur AOL, so we are thrilled to finally have the opportunity to help them close the affordability gap and build generational wealth through homeownership."
The Voxtur AOL combines the strength of a legal opinion with the efficiency and scalability of a data-driven property review. With sophisticated data analytics and legal expertise, the Company creates Attorney Opinion Letters with accuracy and scale. Each Voxtur AOL is backed by specialty transactional insurance that covers the full value of the loan for the life of the loan.
As agency acceptance and lender engagement become more widespread, Voxtur's goal of creating more affordable homeownership for all Americans becomes more of a reality.
"The Voxtur team has worked diligently to engage with GSEs, investors, and lenders to develop a fully-compliant alternative to title insurance that will result in meaningful savings for consumers," said Stacy Mestayer, Chief Legal Officer of Voxtur. "A Voxtur AOL can save a borrower, now including Veterans, as much as an entire mortgage payment in some cases. That is meaningful change."
The Voxtur AOL is available in all states through strategic partnerships with lenders and service providers.
For more information, visit our website at 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.
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.
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