iTitleTransfer NEWS RELEASE Announces Nation's First AOL Alternative to Title Insurance

1. NEWS RELEASE
Scottsdale, Arizona December 15, 2022 /Business News/
Title Insurance Agents Seek Consumer
Choice of Alternative Low-Cost “Loan
Closing Platform”
Attorney Opinion Letter Valuable as Alternative to Title Insurance
Announced today: Scottsdale, AZ. based iTitleTransfer, LLC is not surprised with the overwhelming response to the nation’s first
safe, reliable, low-cost, end-to-end Loan Closing Platform, which provides an alternative to costly, often unnecessary title
insurance.
Fannie Mae and Freddie Mac (GSEs) authorized the Attorney Opinion Letter (AOL) as an alternative to title insurance to close SFR
Purchase & Sale Agreements at less than half the cost of traditional title insurance. Title agents, lenders, lawyers, loan brokers and
borrowers have contacted iTitleTransfer in overwhelming numbers, citing the distasteful and inappropriate strong-arm tactics
employed by the American Land title Association (ALTA) to deny consumer choice in home loan closing methods.
According to Ted Sprink, veteran title industry executive, and Founder of iTitleTransfer, inquiries by dozens of title agents (generally
on behalf of their lender, loan broker and borrower clients) consistently stated their belief that ALTA is enforcing an outdated
monopolistic practice of denying consumer choice, which limits agent income and commissions, as a result of their being pressured
to avoid diversifying and personalizing their sales efforts by including loan closing options to their customers.
Sprink noted that ALTA, on behalf of their title insurance underwriter and agency membership base, appear to
have made a disastrous miscalculation by promoting their anti-competition and monopolistic strategy of
pressuring Congress to influence the FHFA, FHA, HUD and other Federal Agencies, to terminate the GSE’s
authorized alternative to title insurance. In recent ALTA membership Newsletters and Sponsored Conferences,
ALTA has repeatedly denigrated alternatives to title insurance, in their apparent intent to sustain 100% market
share of title insurance for loan closings. This ill-advised strategy eliminates consumer choice.
Sprink further stated general industry recognition that excessive and often-unnecessary title insurance costs, particularly in an
unstable real estate market, are barriers for many families to participate in the American dream of home ownership.
iTitleTransfer’s mission provides the nation’s first safe, reliable, low-cost loan closing platform, in a manner respectful of
diversity, equitability and inclusion.
iTitleTransfer’s transformative Loan Closing Platform provides the nation’s first E2E lender-outsource, offering lenders and
borrowers the benefit of safe, reliable and low-cost loan closings. iTitleTransfer’s proprietary Loan Closing Platform includes:
✓ Search and Examination
✓ Proprietary Risk Scoring
✓ Curative Services
✓ Insured Attorney Opinion Letter
✓ Document Preparation
✓ Escrow and Loan Closing
✓ eNotary and eSign
✓ eRecording and Deed Monitoring
iTitleTransfer, LLC maintains offices in Scottsdale, Arizona and production facilities in Dallas, Texas and Orlando, Florida
Theodore Sprink, Managing Director 866-494-3727 tsprink@iTitleTransfer.com
www.iTitleTransfer.com