RynohLive Passes Company Milestones
October 10, 2013
RynohLive announced that it has now protected more than one million closings with its patented escrow and financial management system.
“In the span of less than five years, RynohLive has enabled its clients to identify and prevent check, wire, ACH and cyber fraud, and embezzlement; as well as employee/ bank errors,” said Dick Reass, founder and CEO of RynohLive. “Reaching and surpassing the one millionth closing is cause for celebration at RynohLive. Seven agencies are only in business today as a direct result of their having RynohLive to protect and monitor their escrow accounts 24x7. Those utilizing RynohLive truly understand the necessity of daily reconciliation and proactive escrow account management.”
Additionally, RynohLive reported it processed and protected more than a quarter of a trillion dollars since its market introduction. Client growth and adoption rate has been exponential over the past few years, and RynohLive is on pace to further post significant gains in the number of closings, new clients, and funds protected.
Pillar No. 2 of the American Land Title Association’s Best Practices recommends that agents adopt and maintain appropriate written procedures and controls for escrow accounts allowing for electronic verification of reconciliations. RynohLive said its patented system enables agents to comply with escrow Best Practices. Daily reconciliation, automated positive pay, and underwriter oversight are just a few of the features RynohLive delivers.
“RynohLive provides transparency of financial transactions as mandated by Dodd-Frank Legislation. Remember, it is rarely the obvious that poses the greatest threat to the settlement agent’s business. RynohLive provides the tools that uncover the hidden land mines in their accounts,” Reass said.