While we have heard much about what Fannie Mae and Freddie Mac, the Department of Veterans Affairs (VA) and others will purchase, less is known about where or how attorney opinion letters (AOLs) are being used, who is providing them and who is using them.
Several companies have begun providing AOLs, particularly since Fannie Mae’s April 2022 announcement. Among them are Voxtur Analytics Corp., SingleSource Property Solutions, United Wholesale Mortgage and iTitleTransfer LLC.
Shortly after Fannie Mae’s announcement, Voxtur issued a release about its attorney opinion letter program.
“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,” the release states. “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.”
The program was initially offered in select states through strategic partnerships with lenders and service providers. By September 2022, the company announced it rolled out its AOL program with multiple lenders and was available nationwide.
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