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Voxtur Analytics Corp., is a data analysis company running feathers by offering mortgage mortgages an alternative to traditional title insurance, called commercial mortgages Nick Smith in his board of directors.
Smith, the founder of Minneapolis Capital of Rice Park in 2019 and is its managing partner and CEO, a veteran of Blackstone Group, Two Harbors Investment Corp., Green Tree Investment Management and GMAC ResCap.
Rice Park Capital led the largest investment in Blue Water Financial Technologies, which was acquired by Voxtur in September. Smith too served on the boards o Sitekick, AI Software LLC (dba Capacity), Realized Holdings Inc. and Brass Ring Capital.
“Voxtur is a new company and a platform that provides products that have the potential to improve home ownership and reduce the cost of borrowing by digitizing the purchase of a home and mortgage from the beginning to the end. end,” Smith said in a information Wednesday. “I am excited to join the board, and along with my fellow board members, help support the company as it pursues its high growth goals.”
Mr. Smith Mark Volosov on Voxtur’s board. Volosov, CEO of the asset manager Sage Residential Management LLCwas selected in a second 12-month term on Voxtur’s board of directors in June but resigned effective December 13, 2022.
A spokeswoman for Voxtur told Inman via email that Volosov and Smith “have competing interests in their businesses (specifically) that are independent of Voxtur and therefore (Volosov) felt it might conflict.” he in his duties to give value back to Voxtur in our plan.”
Pioneer in legal title book ideas
Find ways to make it cheaper to buy a home, major Fannie Mae and Freddie Mac mortgages this year. update their rules allow lenders to get legal opinions instead of insurance policies.
An insurance industry group, the American Land Title Association (ALTA), has expressed concern about what it sees as the dangers of “alternative title insurance products” including “four “attorney notices” are issued to borrowers and buyers.
level of ALTA states that “it is misleading for lenders to offer insurance premiums that provide less coverage while introducing more risk to borrowers and borrowers buy.”
But the nation’s largest mortgage lender, United Wholesale Mortgage, embrace quickly the option of using the lawyer’s information book instead of the traditional title insurance, said that it is expected “big savings” for borrowers thanks to a cheaper review process.
Voxtur says that its book of legal opinions, Voxtur AOL, “provides complete insurance for the borrower and the buyer at a reduced cost,” combining data analysis with a legal opinion that is also supported by insurance Debt.
In September, the advertising company the Voxtur AOL launch with a number of lenders, “including at least one top bank and several national lenders.” “
“We’re excited to see more lenders offering Voxtur AOL as an option to customers as housing prices and costs continue to rise, creating a restrictive housing environment,” said the Voxtur CEO Jim Albertelli at the time. “Working with large and medium-sized investors on a national scale allows us to provide quick savings to many customers, making it easier to find homes.”
Blue Blue Water
Voxtur – which is based in Toronto, Canada and Tampa, Florida – hearing on September 22 closed the $101 million acquisition of Blue Water Financial Technologies Holding Company LLC. Blue Water’s largest holding company, RPC Ventures Fund I LP, is managed by Rice Park Capital.
Blue Water provides services to mortgage originators and investors in mortgage rights (MSRs), including asset valuation, MSR distribution and protect the MSR.
“By combining Blue Water’s digital assets with Voxtur’s data repository and analytics solutions, we are creating a new powerful and unique platform to facilitate mortgage transactions,” Albertelli said at the time. “This acquisition allows Voxtur to expand and expand existing income from the primary mortgage market, while adding new income to the secondary market.”
On December 22, Voxtur announced its capital markets division, Blue Water Financial Technologies, signed an exclusive partnership with an unnamed mortgage lender that represents several loan.
Blue Water will provide tools “to facilitate mortgage asset valuation, commitment, transfer, underwriting, and due diligence, as well as rep and warrant protection,” simplifying the process of transferring mortgage rights from startups to entrepreneurs, Voxtur said.
Voxtur, which paid $30 million in cash and issued 170 million shares of common stock to close the Blue Water acquisition, announced it will expand its existing credit facilities with Bank of Montreal’s Technology & Innovation Banking Group is $30 million with the acquisition.
Voxtur also announced a preferred conversion offer in which BMO Capital Partners paid $4 million (Canadian) for 4.08 million preferred shares in Voxtur.
BMO Capital Partners, a private equity division of Bank of Montreal, is an investor in nesto, a Montreal-based digital mortgage platform that announced a $80 million Series C funding round on December 13.
Editor’s note: This story has been updated to include a statement from Voxtur that Nick Smith will replace Mark Volosov on Voxtur’s board of directors.
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