Porch Group has launched a fraud warning product for title and escrow companies.
The new RynohVerifi product is designed to help protect against payment fraud by confirming the payee account ownership and alerting clients to any anomalies with the account details, the company said in a Tuesday (Jan. 9) press release.
Those anomalies could suggest compromised business emails, email impersonation or other forms of fraudulent interference, according to the release.
“We are committed to working with our clients and industry partners to make the real estate closing as safe and secure as possible,” Jim Weld, Rynoh general manager, said in the release. “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.”
RynohVerifi joins the Rynoh title platform, which sits between title and escrow agents’ systems and their banks and helps them manage the flow of money into and out of their escrow accounts, according to the release.
The launch of the product follows the 2021 acquisition of Rynoh by Porch Group, the release said.
Rynoh provides software-as-a-service (SaaS) solutions for title and escrow agents, while Porch Group is a vertical software company focused on the home services and insurance industries, per the release.
“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,” Matt Ehrlichman, CEO and co-founder at Porch, said in the release. “I’m excited about the product pipeline in 2024 and sharing more throughout the year.”
In addition to Rynoh, Porch made several other acquisitions in 2021 that expanded its total addressable market.
These included Homeowners of America (HOA), which offers homeowners insurance; V12, which provides a SaaS marketing and data platform focused on the pre-mover space; PalmTech, which offers home inspectors software; and iRoofing, which supplies an all-in-one SaaS solution for roofers.
In another recent development in the real estate space, Cross River Bank and paymints.io teamed in October to expand real-time payments in real estate.
This collaboration lets paymints.io customers in the real estate space make real-time payments using The Clearing House’s RTP network.