Clients of Voxtur’s capital markets division Blue Water to benefit from additional protections
TORONTO and TAMPA, Fla., June 01, 2023 (GLOBE NEWSWIRE) — Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or the “Company”), a North American technology company creating a more transparent and accessible real estate lending ecosystem, is pleased to announce the certification and insurance of Voxtur’s mortgage asset due diligence solution by certain underwriters at Lloyds of London.
This bespoke policy covers losses in the event of material errors resulting in a breach of a representation or warranty for mortgage assets, including but not limited to individual mortgages and/or mortgage servicing rights (“MSR”), transacted on the platform.
More specifically, this insurance is provided to Voxtur’s capital markets division, its wholly owned subsidiary Blue Water Financial Technologies LLC (“Blue Water”), as an add-on to Blue Water’s existing all-digital pre-close, pricing, trading, transfer, and quality control services. With investor buyback demands increasing, Blue Water’s clients will benefit from this additional protection.
“With this added third-party offering, our customers will benefit from an insurance wrap. Originators looking to sell their MSRs can rely on this service knowing that their product has been thoroughly reviewed and that process in turn is insured,” said Al Qureshi, President of Blue Water.
“Furthermore, for our investor clients looking to purchase loans, this certification means that they can diligence 100% of a given loan or MSR portfolio knowing that that process is also insured,” Qureshi added.
The trading environment for MSRs is currently running at a very brisk pace, with both large and small financial institutions packaging MSR purchases often to sell outright to investors or to bundle into other structured investment vehicles, such as within a private placement format. MSRs are popular investments among individual investors, private equity and sovereign wealth funds.
Representation and warranty-related buybacks constitute a notable risk to these transactions and are, therefore, currently top concerns for players in the space. The addition of insurance to the Blue Water due diligence offering provides the unique product with the ability to hedge the very meaningful reps and warrants risk in the MSR market and at a very compelling price point.
“Achieving this level of credibility and reliability for our clients in a market that is extremely risk-averse is to be commended,” said Gary Yeoman, CEO of Voxtur. “The Blue Water platform and the team have passed those rigorous requirements needed to obtain this one-of-a-kind policy,” he added.
About Voxtur
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the MCTO and the filing of the Required Filings. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but are not limited to the ability of the Company to successfully launch the Blue Water-TMC platform; the adoption by TMC members of the platform; and general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Voxtur’s common shares are traded on the TSXV under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
Contact:
Jordan Ross
Chief Investment Officer
Tel: (416) 708-9764
[email protected]
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