Kyselin Jimiltä AOLn tilanteesta ja vähän muustakin. Alla koko kirjeenvaihto koska uskon että muitakin saattaa kiinnostaa samat asiat enkä jaksa stilisoida.
Nyt olisi myös oiva mahdollisuus päästä kyselemään Jimiltä suoraan kaikki mieltä askarruttavat kysymykset. Löytyykö foorumilta kiinnostusta/innostusta järjestämiseen ja Inderesiltä myös? @Sijoittaja-alokas
Q: Hi Jim,
I cannot help myself asking you that what is the current situation with AOL? Are you still on track with it and implementations going forward? There is so much fuzz spread by ALTA and various Title companies that it is exhausting to read and it fulfills the news space. Finnish investors have managed to dig out several AOL customers, so undeniably there is traction, but is there anything that you can share with investors on the current situation of AOL and how things are proceeding?
Stacey commented in one article that Voxtur together with an independent law firm is compiling a white paper regarding the differences of title insurance and AOL. Is this still on the works and will this be available to investors?
A: Yes, we are continuing to expand AOl. As we released, we have begun production of the AOL with the first Federally Chartered Bank (5/3). We have also gained the support of FHFA (the regulator of Fannie and Freddie). We believe that our lobbying efforts in DC and at the state level will allow for additional expansion.
We also announced that we have some 30 lenders in various stages of on-boarding or production. The MBA (Mortgage Bankers Association) has initiated a review of the AOL funded by the largest mortgage banks to get a full review of our product. We expect that review in the next couple of months, if not sooner. AOL orders in process continues to grow albeit slowly (we will close approx. 50 this month for several lenders and have over 300 approved for AOL); however, the 30 lenders represent a possible order count in the thousands. We believe that this is the trickle before the flood.)
ALTA has been trying to lobby against the AOL, but Fannie and Freddie have pushed back and they have been exposed for being completely disingenuous (they fail to pay claims, don’t provide rebates, don’t tie risk to the insurance). We also have several Congressmen who are well placed supporting our initiative and several consumer groups.
Finally, if you are watching the news you may have noticed the failure of SVB…we could have prevented that with our Blue Water Technology and hedging strategy. We need to do a better job informing investors.
Jim
Q: Thank you for your answer and the information you provided. The current AOL volumes are of course bit dissapointing but if it would be easy then everyone would be doing it. It’s good to know that FHFA and F&F still fully support AOL. This is something that we “normal” investors dont see as we can only see and read about the ALTA fud about AOL not covering anything, especially as they dont differenciate Voxtur AOL from the UWMs version for example.
Voxtur has over 1300 investors in Finland. Does it make any difference to you if I share your message to the Finnish Inderes discussion board? I personally think it would clearly show not only the current (lowish) AOL volumes and wipe possible over expectations regarding AOL revenue on Q1 numbers. But it would also show that AOL is alive and well and that the ALTA fud is being addressed.
A: I don’t mind at all, but Q4 will be released soon and if you look at Q3 (and adjust for the accounting of the debt which was resolved) we were ebitda positive when our peers all got crushed…Q4 as you can imagine from Q3 continues the story albeit with seasonality. I just want to caution people against being too pessimistic because of AOL when we have other business units doing nicely and have right sized businesses. I would like to see a very realistic shareholder view that Voxtur has tremendous growth potential, is disrupting a 40B industry, has regulatory support and is changing mortgage plumbing that hasn’t been changed for 100 years. Plus, two weeks ago, I had my first child, a daughter, Romee, so the shareholders should know that I’ll be working for at least the next 18 years! ![:blush: :blush:](https://emoji.discourse-cdn.com/facebook_messenger/blush.png?v=12)
We shoud find a Finnish podcast or other forum where I can answer questions and talk about the Company on a monthly basis.
Q: Congratulations! ![:slight_smile: :slight_smile:](https://emoji.discourse-cdn.com/facebook_messenger/slight_smile.png?v=12)
Yes the debt was resolved and that is great. But it was resolved in a bit complicated way to us average investors and while Colin Fisher tried to explain it in a video it just got more complicated. This is a subject that was discussed a lot and now everyone is just waiting Q1 numbers to see how it actually affects the balance sheet and result. This is one subject that everyone would be interested to hear how it actually went and how this affects the numbers. In layman’s terms.
I definetally agree that it would be great to have you directly answer questions for Finnish investors. I will look into this and discuss this in the forum and get back to you.
A: Let me know, love to do it for Finland
As to the debt, the simple answer is that the law firm sold ALAW held Voxtur stock to pay the debt off and inject 10M CAD into the Company and improve its balance sheet. The ongoing tech to the law firm is highly desirable and allows the firm to perform more efficiently and Voxtur to continue to profit from the delivery of technology. Voxtur also improved its margin.
The debt was bought by people who believe in Voxtur and know the title business.