Editor’s note: An outdated Rynoh story inadvertently ran in the Jan. 10 The Title Report email. Below is the correct story. We apologize for the error.
Home services software company Porch Group, Inc., announced the release of RynohVerifi, a new fraud warning product for title and escrow companies who want to help protect against fraud.
“We are excited to launch this important product that aids fraud protection and banking integration services for our clients,” Rynoh General Manager Jim Weld said in a release. “We are committed to working with our clients and industry partners to make the real estate closing as safe and secure as possible. This service is just one more way that Rynoh helps our clients manage fiduciary funds, mitigate compliance risk, and provide a robust funding control environment.”
Rynoh, which was acquired by Porch in 2021, provides SaaS solutions for title and escrow agents. its clients conduct real estate closings by collecting funds from homebuyers and lenders and disbursing funds to sellers, brokers, tax authorities and other stakeholders. The Rynoh software sits between the agent’s transaction system and their bank and helps them manage the flow of money into and out of their escrow accounts.
Its newest product, RynohVerifi, is designed to help protect against payment fraud. It confirms the payee account ownership and alerts clients to any anomalies with the account details which could suggest fraudulent interference, such as compromised business emails or email impersonation.
“The launch of RynohVerifi is a great example of how Porch’s software businesses are continuing to develop new products to support businesses and consumers during the home-buying transaction. I’m excited about the product pipeline in 2024 and sharing more throughout the year,” Chief Executive Officer Matt Ehrlichman said.
Title agencies receive and disburse millions of dollars of funds daily. Rynoh is designed to be a critical part of their monetary control environment. In 2021, more than 30 percent of all U.S. residential purchases and home refinances were protected by Rynoh software. Today, this number is closer to 40 percent.