RynohLive Announces Compliance With ALTA Best Practices
November 20, 2012
Title and settlement companies subscribing to RynohLive meet client and legal requirements for the safeguarding of client funds in accordance with ALTA’s Title Insurance and Settlement Company Best Practices, according to RynohLive.
“RynohLive meets, and even exceeds ALTA’s Best Practice (procedures and controls regarding escrow trust accounts) in its entirety,” said Dick Reass, founder and president of RynohLive. Reass recently advocated for change to escrow management best practices in a presentation to the National Association of Insurance Commissioners.
"We are pleased RynohLive is utilizing our best practices to protect consumers, ensure quality service, and meet legal and market requirements," said Michelle Korsmo, ALTA’s chief executive officer. "We developed these best practices as a tool for our industry and are excited for other leaders like RynohLive to announce compliance soon."
Title and Settlement agencies who use RynohLive receive daily electronic verification of reconciliation for their Escrow Trust accounts. In addition, RynohLive provides agents the ability to:
- Respond immediately to internal and external fraud, errors, or any issue that demands immediate attention
- Customize the detail, frequency, and recipients of escrow transaction alerts
- Monitor all escrow activity on a single dashboard for multiple-office agencies
- Synchronize Positive Pay records with their banks
- Automatically generate a monthly reconciliation analysis report, and send it to their underwriter(s) after a review period.