RynohRecon

Automatically retrieves paid items data from your financial institution and reconciles them with your escrow accounting software for a daily 3-way reconciliation of your accounts.

RynohRecon automatically retrieves paid items data from your financial institution and reconciles them with your escrow accounting software for a daily 3-way reconciliation of your accounts. RynohRecon works to identify anomalies, potential fraud and audit issues that expose you to potential loss.

RynohRecon provides automatic and daily three-way account reconciliation. This module ensures continual RESPA compliance. Funds cannot be “taken” from one file to cover another, nor can disbursements be “missed.” A Reconciliation Wizard identifies accounting errors, and assists the user in ensuring that their account is properly reconciled. The Reconciliation Wizard also verifies that the transfer of funds between files is in balance and that there were no “forced reconciliations.” A forced reconciliation is one that contains cleared items that have no matching transaction in the bank. The reconciliation module has an recently added a new feature, the reconciliation analysis report that when used in conjunction with the Reconciliation Wizard can ensure that not only is the account balanced three-ways but that other items of potential audit or regulatory concerns are identified for the agent. These include: transactions that have cleared the bank but are not posted in the accounting software; files with negative balances; pending deposits; files with retained funds; and stale dated checks;

The Reconciliation Wizard flags errors, (including posting errors and bank errors), and guides you through the correction process, ensuring that your escrow account remains compliant with ALTA’s Best Practices, and that you are audit ready! Special features such as automatic group deposit matching, automatic sweep account reconciliation, and monthly reconciliation evaluation provides you more rigorous and comprehensive oversight for faster error discovery and correction.

RynohRecon

RynohRecon Highlights

  • Alleviates the need for manual reconciliation
  • ALTA Best Practices Pillar #2 Compliance
  • Daily three-way reconciliation
  • Flags items that prevent proper three-way reconciliation
  • Deters fraud, embezzlement, and accounting errors
  • Makes monthly audits a snap

I love that I do not have to go through a 50+ page bank statement and reconcile at the end of the month. It used to take 3 hours to go through everything.

Sarah Mashburn

Memphis Title Company

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