SingleSource Property Solutions, a provider of property services supporting the U.S. housing industry, has launched the SingleSource 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, the company says in a release.
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 liability wrapper – enabling SingleSource to provide comparable coverage as a title insurance policy at a much lower cost to the consumer.
The SingleSource ACT is being offered through a collaboration with Voxtur, a technology company creating a more transparent and accessible real estate lending ecosystem.
“Lenders and consumers finally have a new option when it comes to title insurance,” says Ed Austin, chief operating officer at SingleSource Property Solutions. “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.”
“We’re excited to collaborate with SingleSource on its ACT offering,” says Jim Albertelli, Voxtur CEO. “This is an opportunity for us to lower the cost of purchasing a home, and to make home ownership a reality for more Americans.”