PROGRESS in Lending has recognized Jaclyn Palazzolo, Voxtur’s SVP of Default Operations, as a 2023 Next Gen Leader. The Next Gen Leader award highlights rising visionaries and thought leaders who have been in the mortgage industry for 15 years or less. The winners encompass a wide range of mortgage professionals with diverse skill sets that have one commonality: helping their companies make a difference for the good of the industry. Winners of the award are creative, out-of-the-box thinkers who go beyond what’s expected, are not afraid to step forward and blaze a new trail, and constantly offer bold new ideas.
Three years ago, Jaclyn began to research the use of Attorney Opinion Letters (AOLs) in lieu of title insurance. What began as a straight-forward task soon evolved into a massive project that not only reshaped the scope of Jaclyn’s work as SVP, Default Operations at Voxtur Analytics, but ignited in her a passion to improve the process of closing on a home loan. Jaclyn quickly became immersed in all things AOL, spending months painstakingly reviewing state-by-state requirements to draft letters particular to each state – a task only a lawyer could enjoy.
Jaclyn’s work allowed Voxtur to expand its AOL solution nationwide, making it available in all 50 states. Her work was critical to advancing Voxtur’s mission to address affordability concerns within in the mortgage industry by homing in on aspects of lending that could benefit from cost-cutting technology. And that’s exactly what the Voxtur AOL solution does. The Voxtur AOL combines the strength of a legal opinion with the efficiency and scalability of a data-driven title review. The results have been staggering, with Fannie Mae, Freddie Mac and the VA all guaranteeing their acceptance of the Voxtur AOL in lieu of title insurance in some situations – a major win for homeowners who could shave thousands of dollars off their closing costs. Key to the AOL’s success is its ability to seamlessly integrate into a lender’s existing process, something that Jaclyn has also had a hand in developing.
Jaclyn has been working closely with Voxtur IT to build this platform, AOL Ready, which creates an easy workflow for lenders and assists with questions related to everything from engaging attorneys to standardizing reviews to meet GSE guidelines. In effect, it will enable lenders to adopt AOLs with accuracy and at scale. As an attorney with an eye for detail and a knack for operational efficiency, Jaclyn has been a quiet force behind the AOL, navigating past roadblocks and steering the project toward success – and shaking up title industry’s old guard along the way.