"A member of The Abstract Solution is a title agent who is taking the initiative to be the most risk adverse agent possible. Mitigating any and all potential losses for their underwriters helps make our members more of an asset to their insurer."
Philadelphia, PA (PRWEB) May 12, 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. 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." Marc Shaw, Esq. Co-Founder. "We are excited to provide our members and underwriters with this vital level of monitoring and protection."
“Escrow standards are wrong in today’s business environment and must be changed. The ‘compliant’ agent is left with a false sense of security, is 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. 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.” Dick Reass, President and Founder of RynohLive. “Through our RynohSecure software we will be providing even that extra layer of protection for The Abstract Solution Group members and their underwriters. 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.”
In the National Marketplace for over two years, RynohLive currently protects ~$5,000,000,000 in real estate transactions every month. For its clients: RynohLive eliminates disbursement losses; prevents check, wire, and ACH fraud; identifies employee embezzlement; and verifies “good funds” are in the bank for disbursement.
RynohLive has already saved its users millions of dollars, and many hours of sleep! Last April RynohLive kept a Missouri title agent from being put out of business and rendered insolvent because of wire fraud. In February 2011 RynohLive kept a Virginia title agent from being shut down by the SCC because they “lost” the escrow database when an employee deleted their files! RynohLive was used to pass their audit “with flying colors” and sent the SCC regulators away confident that there was no fraud. Both are in business today only because they had RynohLive!
To learn more please visit: http://www.rynoh.com
About The Abstract Solution Group
The Abstract Solution is a group of title agents that have made a commitment to use tools and technology that will reduce the possibility of claims and increase their quality and efficiency.
The tools, technology, and group buying power enable The Abstract Solution Group to deliver attractive cost arrangements. Whether its better underwriter splits, the elimination of banking fees, free reconciliations and more, a title agency is more profitable with The Abstract Solution.
To learn more please visit: http://www.TheAbstractSolution.com