Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) applauds the recent decision by Fannie Mae and Freddie Mac to permanently allow desktop home appraisals beginning in March. To address the backlog of appraisals created by the pandemic, Fannie Mae and Freddie Mac temporarily implemented a desktop appraisal option in early 2020. Due to the success of this initiative, and on the heels of an announcement from the Federal Housing Finance Agency (“FHFA”), desktop appraisals will now be a permanent option for purchase transactions. With this change, more lenders, borrowers, and appraisers will have the opportunity to benefit from Anow’s valuation technology.
“With this commitment from Fannie and Freddie to modernize appraisal, we will see a more efficient, transparent, and lower cost appraisal process for lenders, borrowers, and appraisers,” said Jim Albertelli, CEO of Voxtur. “Because the desktop appraisal process is rooted in data, the new system will be critical in addressing the industry’s pain points.”
Appraisals are a critical component of residential real estate lending transactions but can be fraught with challenges. First, the pandemic created a massive backlog of orders. In addition, appraisals can be time-consuming, particularly in rural areas where resources are limited, and appraisers can spend hours in a day driving between properties. Finally, current appraisal processes can lead to racial bias against ethnic minorities, raising concerns about the lack of transparency and equality in the current lending environment.
Voxtur is championing data-driven solutions for the real estate industry by deploying its SaaS-based valuation platform and depth of expertise. The Anow valuation technology platform supports the desktop appraisal model by providing automation to reduce turnaround times. With one of the richest data repositories in the industry, Voxtur’s digital culture continues to enhance the consumer experience by reducing inefficiencies and supporting the implementation of solutions to lower the cost of homeownership.
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 forward-looking statements that involve known and unknown risks, uncertainties and assumptions that may not be realized. These statements relate to future events or future performance and reflect management’s current expectations and assumptions which are based on information currently available to management. There is significant risk that forward-looking statements will not prove to be accurate. A number of factors could cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements discussed in the forward-looking statements. The inclusion of forward-looking statements and information should not be regarded as a representation of Voxtur or any other person that the anticipated results will be achieved, and investors are cautioned not to place undue reliance on such information.
These forward-looking statements are made as of the date of this news release and, accordingly, are subject to change after such date. Voxtur 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.
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.