Roveda, with over 30 years in the housing industry, discovered the potential of AOL products for title insurance after engaging with discussions at the NS3 conference in 2023. Inspired by these conversations, he researched further into AOLs and their acceptance by GSEs. With shifting regulations, including the FHFA's pilot program waiving lender's title insurance, Roveda launched National Attorney Title to offer these cost-effective solutions. He acknowledges regional differences in AOL applicability, stating that while beneficial in many areas, they may not suit every market.
According to Roveda, a homebuyer who uses one of National Attorney Title's AOL products instead of a traditional title insurance policy can save between 33% to 77% at the closing table.
Roveda emphasized the confusion surrounding AOLs in the industry, indicating a growing interest which led him to contact a friend at Freddie Mac to gain insights on the GSEs' stance.
In March 2024, after the FHFA and GSEs announced the title waiver pilot program for refinance transactions, Roveda revived his plans for National Attorney Title.
Roveda noted that while AOLs are advantageous in many markets, their applicability might vary, as some states, like Iowa, do not benefit from such products.
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