Rynoh Overview
RynohLive is a patent pending; revolutionary automation of a complex, time sensitive and demanding component of the real estate settlement industry - escrow account management and reconciliation. RynohLive recently entered the marketplace after successfully completing over two years of beta testing. In this brief time in the marketplace, RynohLive has identified defalcation, embezzlement, eliminated check fraud, disbursing errors and saved its clients tens of thousands of dollars.
National and Regional Title Insurance Underwriters, as well as leading software providers to the settlement industry, have tested and evaluated this software application. Installation in financial institutions and agent operations has already begun with regional and national underwriters. RynohLive has been operational with SoftPro's reconciliation service for one year. Optimization for the real estate settlement industry, makes RynohLive easily adaptable for other financial services applications.
There is no equivalent product in the market today. RynohLive is a web-based "bridge application" that integrates both bank and accounting software. Settlement Agents, Real Estate Attorneys and Title and Escrow Agents incur their greatest financial losses receiving, disbursing and tracking settlement funds. Account reconciliation can be expensive and time consuming. Failure to reconcile is even more costly. Failure to reconcile and monitor accounts on a daily basis is the primary cause for the loss of income.
Due to existing industry software limitations, the current reconciliation standard is monthly rather than daily. Daily reconciliation protects both the account holder and their clients. Underwriter guidance and law mandates that settlement funds cannot be disbursed until they are on deposit and available at the bank. To date, there is not another software on the market with the ability to track collected funds. Defalcation and employee fraud are entirely separate problems that can be virtually eliminated with the use of this software package. RynohLive's continuous account auditing, anti-fraud algorithms and built-in reporting mechanisms monitor cash flow as well as individual file balances.
The national title insurance underwriter is ultimately responsible for settlement agent's and attorney's escrow actions. When a settlement involves the issue of a title insurance policy, the underwriter provides an insured closing letter to the lender which guarantees the proper handling of settlement funds. Defalcation and fraud are a major expense, with the majority resulting from the owner,agent or attorney.
During 2008 the industry experienced well over $250,000,000 in defalcation losses. RynohLive provides the underwriter with real-time monitoring of agent escrow operations, along with periodic or event triggered reports and alerts. These alerts provide prompt notification of potential fraud and defalcation activity.
For the banking industry, RynohLive is most attractive because real estate settlement demand deposit accounts are extremely profitable. Competition among banks for DDA's is fierce. In today's market, every advantage a bank can gain to attract deposits is invaluable. Offering RynohLive as a banking service, the bank has a powerful mechanism to attract deposits. TowneBank has acquired exclusive rights for the Hampton Roads market and has a market share that exceeds the next four banks holding DDA accounts.
All RynohLive accounts are positive pay protected. RynohLive automatically provides input to the bank for all issued items. If the settlement agent's bank does not offer positive pay protection, RynohLive provides a stand-alone solution.
In the vertical market, RynohLive has the potential to financially protect, mitigate risk and improve profitability for the bank, the national underwriter and the settlement agent.
National and Regional Title Insurance Underwriters, as well as leading software providers to the settlement industry, have tested and evaluated this software application. Installation in financial institutions and agent operations has already begun with regional and national underwriters. RynohLive has been operational with SoftPro's reconciliation service for one year. Optimization for the real estate settlement industry, makes RynohLive easily adaptable for other financial services applications.
There is no equivalent product in the market today. RynohLive is a web-based "bridge application" that integrates both bank and accounting software. Settlement Agents, Real Estate Attorneys and Title and Escrow Agents incur their greatest financial losses receiving, disbursing and tracking settlement funds. Account reconciliation can be expensive and time consuming. Failure to reconcile is even more costly. Failure to reconcile and monitor accounts on a daily basis is the primary cause for the loss of income.
Due to existing industry software limitations, the current reconciliation standard is monthly rather than daily. Daily reconciliation protects both the account holder and their clients. Underwriter guidance and law mandates that settlement funds cannot be disbursed until they are on deposit and available at the bank. To date, there is not another software on the market with the ability to track collected funds. Defalcation and employee fraud are entirely separate problems that can be virtually eliminated with the use of this software package. RynohLive's continuous account auditing, anti-fraud algorithms and built-in reporting mechanisms monitor cash flow as well as individual file balances.
The national title insurance underwriter is ultimately responsible for settlement agent's and attorney's escrow actions. When a settlement involves the issue of a title insurance policy, the underwriter provides an insured closing letter to the lender which guarantees the proper handling of settlement funds. Defalcation and fraud are a major expense, with the majority resulting from the owner,agent or attorney.
During 2008 the industry experienced well over $250,000,000 in defalcation losses. RynohLive provides the underwriter with real-time monitoring of agent escrow operations, along with periodic or event triggered reports and alerts. These alerts provide prompt notification of potential fraud and defalcation activity.
For the banking industry, RynohLive is most attractive because real estate settlement demand deposit accounts are extremely profitable. Competition among banks for DDA's is fierce. In today's market, every advantage a bank can gain to attract deposits is invaluable. Offering RynohLive as a banking service, the bank has a powerful mechanism to attract deposits. TowneBank has acquired exclusive rights for the Hampton Roads market and has a market share that exceeds the next four banks holding DDA accounts.
All RynohLive accounts are positive pay protected. RynohLive automatically provides input to the bank for all issued items. If the settlement agent's bank does not offer positive pay protection, RynohLive provides a stand-alone solution.
In the vertical market, RynohLive has the potential to financially protect, mitigate risk and improve profitability for the bank, the national underwriter and the settlement agent.