RynohLive Offers Insight on Electronic Verification of Reconciliation

July 30, 2015

RynohLive released a new white paper titled “The Value of Electronic Verification of Reconciliation,” offering insight on the importance and usefulness of electronic verification for those within the title industry.

The second pillar of ALTA’s “Title Insurance and Settlement Company Best Practices” focuses on safeguarding client funds. ALTA suggested that one way to ensure the protection of clients’ funds is to make certain escrow accounts are reconciled on a daily basis. A three-way reconciliation should also be performed at least once a month, and the results of the reconciliations should be accessible for electronic verification.

In its white paper, RynohLive explains why reconciliation is important and electronic verification is absolutely critical.

“Electronic verification of reconciliation is an important element within the recommendations of ALTA’s Best Practices Pillar No. 2,” said Dick Reass, founder and chief executive officer of RynohLive. “In fact, I’d argue that it is the most important component. Many times, companies do not understand the critical importance of electronic verification of their reconciliation or why it is so essential to managing and securing their escrow accounts.  Moreover, the significance of electronic verification of reconciliation is frequently misunderstood.”

The white paper explains the nuances of electronic verification and why a PDF version of an agent’s reconciliation is insufficient to comply with ALTA’s best practices. The good news is that providing the correct reconciliation information to underwriters does not have be difficult. In its white paper, RynohLive explains title agents can meet and exceed the guidelines set forth in Pillar No. 2.

The protection of clients’ funds from thieves is important, especially in the digital age. Along with digital advancements comes the need for new and innovative ways to protect escrow accounts. Electronic verification of reconciliation is an essential security tool that is necessary for those in the title and settlement service industries. 

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