ACT™ is an alternative to title insurance, that applies the strength of a legal title opinion to abstracted title evidence. Attorney opinion letters have been used to close real estate transactions for many years, in fact, they are older than title insurance. ACT™ is a new GSE-approved iteration that is widely accessible and affordable in today’s market. Each ACT™ is available at a fraction of the cost of traditional title insurance. This benefits the consumer directly, saving as much as an entire mortgage payment in some cases.
As a title company, the SingleSource title process remains the same as it would with title insurance, however, ACT™ speeds up the process after closing. ACT™ begins with a data-driven Decision Report, followed by a Preliminary ACT™. Once the closing is complete, the Final ACT™ is issued and delivered to the lender and borrower after closing. Each ACT™ is backed by specialty transactional insurance, issued by A.M. Best A rated carriers, that covers the full value of the loan for the life of the loan.