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.”