DS News

DS News Jan 2023

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

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Page 36 of 83

35 Follow Us At: @DSNewsDaily Industry Updates SINGLESOURCE LAUNCHES NEW ATTORNEY OPINION LETTER SingleSource Property Solutions, a provider of property services, has launched the Single- Source Attorney Conclusion of Title (ACT), a standardized attorney opinion letter that will save mortgage borrowers and lenders significant costs, while providing comparable coverage to a more costly title insurance policy. Although the concept of using legal opinions to confirm the marketability of title has been around for as long as property transfers have been documented, ACT is a new iteration that makes these opinions scalable, affordable, and widely available–and GSE-approved. Under the authority of the Supreme Court of the state where the property is located, attorneys who issue an ACT will be protected by a comprehensive li- ability wrapper–enabling SingleSource to provide comparable coverage as a title insurance policy at a much lower cost to the consumer. "Lenders and consumers finally have a new option when it comes to title insurance," Sin- gleSource Property Solutions COO Ed Austin said. "ACT applies the strength of a legal opinion to abstracted title evidence. As a nationwide title company, SingleSource is thrilled to offer an alternative that provides major cost and time savings for consumers nationwide." e SingleSource ACT is being offered through a collaboration with Voxtur, a technology company dedicated to creating a more transpar- ent and accessible real estate lending ecosystem. "We're excited to collaborate with Single- Source on its ACT offering," said Jim Albertelli, Voxtur CEO. "is is an opportunity for us to lower the cost of purchasing a home, and to make home ownership a reality for more Americans." Generating an ACT starts with a data-driven decision report followed by a preliminary opinion. Once the closing is complete the final ACT is issued and delivered to the lender and borrower. Available through a direct integration with the originator's loan origination system, the Single- Source ACT works with existing settlement pro- cesses and can be produced in the same amount of time as a traditional title policy. ACTs are available on loans up to $1 million, and each ACT is backed by a Mortgage Service Providers Errors & Omissions (E&O) insurance policy issued by carriers that are A-rated by AM Best. e policies cover the full value of the loan for the life of the loan and are fully transferrable in the secondary market. Both SingleSource and law firms issuing ACTs are covered by the poli- cies as service providers, with the lender named as a third-party beneficiary. "We have had a great relationship with SingleSource over the years providing a number of warranty products," said Chris Mallon, EVP of Group 9 Insurance Solutions, an E&O policy provider based in Pennsylvania. "We are excited to expand our partnership to provide this new and innovative offering to the industry."

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