Voxtur AOL™

An attorney opinion letter that combines the strength of a legal opinion with the efficiency and scalability of a data-driven title review.

Jim Albertelli, CEO of Voxtur

“Our title alternative immediately and directly reduces closing costs, opening the door to homeownership a little wider for more Americans.”

Jim Albertelli
CEO, Voxtur

Attorney Opinion Letter

How It Works

Voxtur AOL combines the strength of a legal opinion with the efficiency and scalability of a data-driven title review.

Voxtur AOLIn the News

Here’s Why Attorney Opinion Letters Are Set to Revolutionize Mortgage Lending

Here’s Why Attorney Opinion Letters Are Set to Revolutionize Mortgage Lending

The mortgage market has been crippled by rising interest rates, which have heightened affordability concerns for potential homeowners and made the business of lending exceptionally challenging. But encouraging steps are being taken to fix the situation, and attorneys are at the forefront…

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FAQ

Some commonly asked questions and answers about using Voxtur’s Attorney Opinion Letter as an alternative to Title Insurance.

Voxtur AOL combines the strength of a legal opinion of title with the efficiency and scalability of a data-driven property review. For as long as real estate transactions have been documented in the United States, legal opinions have been used to confirm marketability of title. Voxtur’s AOL program combines sophisticated analytics with legal expertise to create attorney opinion letters with accuracy and scale. Each Voxtur AOL is backed by specialty transactional insurance, issued by A.M. Best A rated carriers, that covers the full value of the loan for the life of the loan. And most importantly, each Voxtur AOL is available at a fraction of the cost of traditional title insurance. This brings the benefit directly to the consumer, saving as much as an entire mortgage payment in some cases.

For years, there has been a disconnect between the cost of title insurance and the value it provides to consumers, lenders, and investors. Closing costs are a barrier to homeownership and wealth creation. Barriers to Entry: Closing Costs for First-Time and Low-Income Homebuyers published December 21, 2021. The promise of technology has largely been lost on the mortgage industry as little has been done to meaningfully reduce the cost of buying a home. Voxtur’s attorney opinion letter immediately and meaningfully reduces closing costs, opening the door to homeownership for more Americans.

Voxtur AOL is built to work together with existing processes, including order intake and settlement processes. When an order is received, Voxtur aggregates property data to run its custom decisioning algorithms and generate a Voxtur AOL Decision Report. From there, the Preliminary AOL is generated within the Voxtur AOL platform and the initial review process is completed. The review procedure is embedded in the workflow and all user activity is documented to create an immutable record of the transaction. Upon completion of the initial review, the Preliminary AOL is delivered to the settlement agent. Once all requirements are satisfied, the Final AOL is generated, reviewed, and executed by the issuing attorney. The Final AOL is delivered to the lender and borrower promptly after closing.

The concept of using legal opinions to confirm marketability of title is not new. In fact, it is older than title insurance. Legal opinions of title have been used to close real estate transactions in the United States for as long as real property transfers have been documented. The Voxtur AOL is simply a new iteration that makes these opinions scalable, affordable, and widely available. Each attorney that issues a Voxtur AOL is acting under the authority of the supreme court of the state in which the subject property is located and with the protection of a comprehensive liability wrapper. With this flexibility and protection, we can provide comparable coverage at a much lower cost to the consumer.

No. Voxtur AOL is built to work together with existing processes, including existing LOS integrations and settlement processes, and will be issued within existing lender SLAs.

Voxtur AOL can be used in purchase and refinance transactions up to $1M in all 50 states.

Voxtur AOL is available for use on private label and agency loans and can be used in purchase and refinance transactions up to $1M. See agency and investor guidelines for eligibility information.

Lenders can offer Voxtur AOL to borrowers as an alternative to title insurance on eligible transactions. Borrowers will benefit from lower closing costs, while lenders will benefit from more competitive pricing and a streamlined process with less trailing risk.

Law firms that meet certain eligibility requirements may become licensed providers of Voxtur AOL. This gives participating law firms the flexibility to expand their product offerings using Voxtur’s platform in conjunction with their own attorney staff or Voxtur’s attorney network.

No. Voxtur AOL is an alternative to title insurance that can be used in certain transactions to reduce closing costs for the consumer.

Each Voxtur AOL is backed by a Mortgage Service Providers Errors & Omissions insurance policy that covers the full value of the loan for the life of the loan and is fully transferrable in the secondary market. Our policies are issued by A.M. Best A-rated carriers and cover both Voxtur and the issuing law firm as service providers, with the lender named as a third-party beneficiary.

Our claims process is simple and efficient. If a claim arises at any time during the life of the loan, the lender, or its successor in interest to the loan, may file a claim directly with the insurer. The information needed to file a claim will always be made available within the Voxtur AOL. Once the appropriate documentation is submitted, claims are paid promptly, typically within 3-4 months.

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