Aprio, LLP has launched an escrow reconciliation solution that provides real-time monitoring of escrow accounts to protect title agents from fraud, the company announced.
Aprio’s escrow reconciliation service is offered in partnership with RynohLive. Aprio said the escrow reconciliation service provides data security, real-time transaction monitoring, fraud detection, audit readiness and professional independence.
“As the leading accounting firm serving the title industry, our team has identified a need to provide the industry with a more robust solution for escrow reconciliation,” Aprio Partner-in-charge of Advisory Services Lee Fields said in a release. “Beyond ensuring reconciliation is performed timely and accurately, Aprio will provide clients with peace of mind that they are better protected from their single-greatest point of fraud vulnerability through continuous monitoring.”
Aprio said the solution eliminates the title agent’s burden of performing timely escrow reconciliation while reducing underwriters’ risk associated with agent reconciliation and bookkeeping.
“Independently, both Aprio and RynohLive have played integral roles in financial protection and compliance in the title industry,” RynohLive Founder and CEO Dick Reass said. “Through this partnership, we firmly believe that our companies will set the standard for escrow account monitoring and fraud mitigation.”
Aprio’s escrow reconciliation services business will be led by Bryan Colbert, who the company said has operated an independent escrow reconciliation company and held senior audit positions with major national title insurance underwriters.