ACT™, an opinion letter from an attorney, offers similar protection to a title insurance policy, but costs significantly less
CANONSBURG, Pa., August 22, 2022 /PRNewswire/ — SingleSource Property Solutions, a leading provider of real estate services supporting the U.S. housing industry, has launched the SingleSource Attorney Conclusion of Title (ACT™), an attorney opinion letter standardized solution that will save mortgage borrowers and lenders significant costs while providing coverage comparable to a more expensive title insurance policy.
While the concept of using legal opinions to confirm the marketability of title has been around for as long as transfers of ownership have been documented, ACT™ is a new iteration that makes these opinions scalable, affordable, and widely available — and trusted by GSE. Under the authority of the Supreme Court of the state where the property is located, attorneys who issue an ACT™ will be protected by comprehensive liability coverage – allowing SingleSource to provide coverage comparable to that of an insurance policy. title insurance at a much lower cost to the consumer. .
The SingleSource ACT™ is offered through a collaboration with Voxtur, a technology company creating a more transparent and accessible mortgage lending ecosystem.
“Lenders and consumers finally have a new option when it comes to title insurance,” said SingleSource Property Solutions COO. Ed Austin said. “ACT™ applies the force of a legal opinion to abbreviated title evidence. As a national title company, SingleSource is pleased to offer an alternative that offers significant time and cost savings to consumers nationwide.
“We are delighted to partner with SingleSource on their ACT™ offering,” said jim albertelli, CEO of Voxtur. “This is an opportunity for us to lower the cost of buying a home and make home ownership a reality for more Americans.”
Generating an ACT™ begins with a data-driven decision report followed by a preliminary opinion. Once closing is complete, the final ACT™ is issued and delivered to the lender and borrower.
Available through direct integration with the originator’s loan origination system, the SingleSource ACT™ works with existing settlement processes and can be produced in the same time frame as a traditional title policy.
ACT™ are available on loans up to $1 million. Each ACT™ is backed by a mortgage service provider errors and omissions (E&O) insurance policy issued by AM Best A-rated insurers. The policies cover the full loan value for the full term of the loan and are fully transferable in the secondary market. SingleSource and law firms issuing ACT™ are covered under the policies as service providers, with the lender named as the third-party beneficiary.
The SingleSource ACT™ is currently available nationwide. Learn more about ACT™ at https://www.singlesourceproperty.com/act/
About Single Source
SingleSource is a leading provider of real estate services supporting the housing industry in the United States. Founded in 2000, the company provides national solutions for valuations, titles and settlements, property preservation, REO asset management and document management. SingleSource supports a wide range of financial services industry clients, including service providers, originators, banks, credit unions, investment banks, and hedge funds. The company has completed over 5 million home appraisals, facilitated by over $4 billion in REO sales, and currently supports 40,000 closures per year and 250,000 field service units per year. The company is distinguished by its superior experienced staff, sophisticated technology and dynamic corporate culture that fosters diversity of ideas in good times and bad. SingleSource is based Canonsburg, Pennsylvanianear Pittsburgh. For more information, visit www.singlesourceproperty.com.
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SOURCE Single Source Real Estate Solutions