North American Title Adopts Fraud Protection Software
March 20, 2012
North American Title Insurance Co.(NATIC), a national title insurance underwriter, has entered into a relationship with Segin Software LLC, provider of the RynohLive escrow reconciliation and financial management software. NATIC will implement the RynohLive software on its own system and encourage its agents to do likewise. Under the terms of the agreement, North American will be able to offer a discount on the RynohLive implementations to its agents.
This technology makes it easier for agents to interact with NATIC and reduce fraud and defalcation. RynohLive features an integrative software bridge application package that integrates escrow software and banking systems to provide automation for the time sensitive and demanding components of the real estate settlement industry. Both underwriter guidance and the law mandate that settlement funds not be disbursed until on deposit and available at the bank. With RynohLive's continuous account auditing, anti-fraud algorithms and built in reporting mechanisms to monitor cash flow and individual file balances, defalcation and employee fraud are virtually eliminated using this software, the company said in a statement.
“The agent-underwriter relationship is evolving quickly in today’s challenging environment,” said Emilio Fernandez, president of North American Title. “The RynohLive system allows our agents to have virtually real time control of escrow funds and disbursements, which is a real time cost savings to them and consequently provides the underwriter with an audit tool and a far greater level of comfort in regard to sound escrow accounting procedures."