Abstract Solution Group Partners With RynohLive

May 17, 2011

The Abstract Solution Group added RynohLive as a preferred vendor, providing advanced escrow account management and fraud protection for its members.

Under The Abstract Solution Group's platform members will now have their accounts reconciled in near real time, eliminating disbursement errors and possible losses from fraud.

"A member of The Abstract Solution is a title agent who is taking the initiative to be the most risk adverse agent possible,” said Marc Shaw, co-founder of The Abstract Solution. “Mitigating any and all potential losses for their underwriters helps make our members more of an asset to their insurer. With RynohLive, our members will be audit-ready every day,"

Dick Reass, president and founder of RynohLive, said that escrow standards are wrong in today's business environment and must be changed. “Compliant” agents are left with a false sense of security and unaware that both they and their underwriter are at risk.

“Banking and NACHA (Electronic Payments Association) guidelines are structured such that unless the agent is reconciling daily, utilizing positive pay, and proper online banking procedures, the agent will likely be required to absorb and be liable for any fraud losses experienced in their escrow accounts,” he said. “To protect against such losses, the agent must exercise ordinary care, and follow best practices. These are daily reconciliation, positive pay, and cyber fraud protection. RynohLive provides the agent with that protection. Potential problems in a title company's escrow accounts will be more quickly identified and avoided. The transparency will create just what the group is looking for.”


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.