Clients of Voxtur’s capital markets division Blue Water to benefit from additional protections
GlobeNewswire — TORONTO and TAMPA, Fla., June 01, 2023 (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, is pleased to announce the certification and insurance of Voxtur’s mortgage asset due diligence solution by certain underwriters at Lloyds of London.
This bespoke policy covers losses in the event of material errors resulting in a breach of a representation or warranty for mortgage assets, including but not limited to individual mortgages and/or mortgage servicing rights (“MSR”), transacted on the platform.
More specifically, this insurance is provided to Voxtur’s capital markets division, its wholly owned subsidiary Blue Water Financial Technologies LLC (“Blue Water”), as an add-on to Blue Water’s existing all-digital pre-close, pricing, trading, transfer, and quality control services. With investor buyback demands increasing, Blue Water’s clients will benefit from this additional protection.
“With this added third-party offering, our customers will benefit from an insurance wrap. Originators looking to sell their MSRs can rely on this service knowing that their product has been thoroughly reviewed and that process in turn is insured,” said Al Qureshi, President of Blue Water.
“Furthermore, for our investor clients looking to purchase loans, this certification means that they can diligence 100% of a given loan or MSR portfolio knowing that that process is also insured,” Qureshi added.
The trading environment for MSRs is currently running at a very brisk pace, with both large and small financial institutions packaging MSR purchases often to sell outright to investors or to bundle into other structured investment vehicles, such as within a private placement format. MSRs are popular investments among individual investors, private equity and sovereign wealth funds.
Representation and warranty-related buybacks constitute a notable risk to these transactions and are, therefore, currently top concerns for players in the space. The addition of insurance to the Blue Water due diligence offering provides the unique product with the ability to hedge the very meaningful reps and warrants risk in the MSR market and at a very compelling price point.
“Achieving this level of credibility and reliability for our clients in a market that is extremely risk-averse is to be commended,” said Gary Yeoman, CEO of Voxtur. “The Blue Water platform and the team have passed those rigorous requirements needed to obtain this one-of-a-kind policy,” he added.
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.
This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) which reflect the expectations of management regarding the Company’s strategic initiatives, plans, business prospects, and opportunities. Forward-looking statements should not be read as guarantees of future events, performance or results, and give rise to the possibility that management’s predictions, forecasts, projections, expectations, or conclusions will not prove to be accurate, that the assumptions may not be correct and that the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities, including the duration, impact of and recovery from the COVID-19 pandemic, will not occur or be achieved. Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include but is not limited to: the effects of unexpected costs, liabilities or delays; success of software activities; the competition for skilled personnel; expectations for other economic, business, environmental, regulatory and/or competitive factors related to the Company, or the real estate industry generally; anticipated future production costs; and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions; integration of acquired businesses; implementation of new products; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure, failure to implement technological upgrades, or failure to implement new technological products in accordance with expected timelines; changing market conditions; failure of governing agencies and regulatory bodies to approve the use of products and services developed by the Company; the Company’s dependence on maintaining intellectual property and protecting newly developed intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein.
This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
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Voxtur’s common shares are traded on the TSXV under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
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