IRVING, Texas, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Alita Group, a technology firm focused on reducing the cost of homeownership with innovative alternatives for the mortgage industry (“Alita”), is pleased to announce that Moody's Investors Service ("Moody's") has reviewed the framework of their AOLPro product, an insured attorney opinion letter (AOL) used as an alternative to title insurance, and determined that it is materially similar to traditional title insurance from a credit risk perspective. This determination underscores AOLPro’s ability to reduce closing costs for homeowners and lenders nationwide.
Moody’s reviewed the AOLPro product, including the insurance coverage behind it, to assess the credit risk impact of including loans closed with an AOLPro in lieu of title insurance, in mortgage-backed securities. After completing its review, Moody’s determined that the use of an AOLPro creates no material credit concerns or issues from a credit risk perspective. Moody’s analysis and determination are limited to Alita’s AOLPro and do not extend to other attorney opinion letter products.
"Moody's in-depth review of the AOLPro framework and ultimate determination that the credit risk is materially similar to title insurance validates our belief that the AOLPro is a game-changer," said Alita Group President Stacy Mestayer. "This yet again confirms that the AOLPro can not only provide real savings to a consumer at the closing table, but can also protect them, as well as the lender and downline investors, in a responsible and regulated way.”
Alita’s AOLPro is available nationwide through strategic partnerships with lenders and approved service providers. To learn more about the coverage behind the AOLPro and how it compares to traditional title insurance, click here to read a white paper released by Bradley Arant Boult Cummings LLP, a prominent national law firm specializing in the financial services sector.
Anyone with questions regarding Moody’s determination may contact Moody’s at Philip.Rukosuev@moodys.com.
About Alita Group
Alita Group is pioneering a new era in homeownership with its AOLPro™ platform, the only solution that enables the scalable and consistent production of insured attorney opinion letters (AOLs) as an affordable alternative to title insurance. As the architects of the insured AOL, the Alita team shares a long-standing commitment to making homeownership more affordable by lowering closing costs for consumers. With AOLPro, Alita empowers homeowners and lenders to choose the most cost-effective option to protect their most valuable assets. To learn more, visit alitagroup.com.
Contact:
Stacy Mestayer
President
stacy@alitagroup.com
