Porch Group’s, Rynoh, Launches Highly-Anticipated Escheatment Software Module

Rhea-AI Summary

RynohEscheat, a new software module from Porch Group (NASDAQ: PRCH), launched on June 14, 2022, aims to simplify unclaimed property reporting for title companies.

This cloud-based solution integrates with bank accounts, notifying title agents of unclaimed funds while facilitating claims per state regulations.

Rynoh President Mary Gomez highlighted the importance of this tool, given the tens of billions of dollars in unclaimed funds in the U.S.

The launch aligns with Porch Group's goal of automating processes in the title and settlement sector.

Positive

• Launch of RynohEscheat software module enhances regulatory compliance for title companies.
• Integration with bank accounts helps title agents efficiently manage unclaimed funds.
• The product addresses a significant market opportunity with tens of billions in unclaimed funds in the U.S.

Negative

• None.

RynohEscheat Helps Title Companies Streamline Unclaimed Property Reporting

SEATTLE, June 14, 2022 (GLOBE NEWSWIRE) -- Porch Group’s (NASDAQ: PRCH) Rynoh, the premier provider of settlement software for the title, real estate, and settlement industries has officially launched its next software module, RynohEscheat.

The long-awaited module simplifies regulatory compliance across the country. This easy-to-use cloud-based software seamlessly integrates with bank accounts ensuring that title agents are notified of unclaimed funds and helps to facilitate the claims process in accordance with each state’s escheatment reporting regulations.

“The RynohEscheat product is a significant advancement in the title and real estate settlement sector,” said Mary Gomez, Rynoh President. “There are tens of billions of dollars in unclaimed funds across the U.S. Our software generates awareness for our clients, ensuring they are not unknowingly in possession of any of those funds.”

Porch Group acquired Virginia-based Rynoh in May 2021, to expand the Company’s reach into the title industry, helping these companies to grow and run more efficient operations.

“At Porch Group, we strive to make every aspect of the home simple,” said Matt Ehrlichman, Porch Group founder, chairman, and CEO. “We believe Rynoh’s commitment to automating laborious processes that title and settlement companies now deal with manually will continue to help us grow market share and deliver strong customer value.”

About Porch Group
Porch Group is a Seattle-based, vertical software platform for the homeowner industry. Porch Group provides software and services to over 25,500 home services companies such as home inspectors, utility companies and loan officers, home inspectors, warranty companies, and real estate agencies. Through these relationships and its multiple brands, Porch provides a moving concierge service to homebuyers, helping them save time and make better decisions on critical services, including insurance, warranty, moving, security, TV/internet, and home repair and improvement, and more. To learn more about Porch, visit porchgroup.com or porch.com.

Press Contact:
Catherine Adcock
Gateway Group, Inc.
(949) 574-3860
PRCH@gatewayir.com

Investor Relations Contacts:
Emily Lear, Head of Investor Relations
Porch Group
(701) 214-8177
Emilylear@porch.com

Matt Glover/Alex Thompson
Gateway Group, Inc.
(949) 574-3860
PRCH@gatewayir.com

FAQ

What is RynohEscheat?

RynohEscheat is a new software module launched by Porch Group that simplifies unclaimed property reporting for title companies.

When was RynohEscheat launched?

RynohEscheat was officially launched on June 14, 2022.

How does RynohEscheat help title companies?

It integrates with bank accounts to notify title agents of unclaimed funds and facilitates claims according to state regulations.

What market issue does RynohEscheat address?

It helps tackle the significant issue of unclaimed funds in the U.S., estimated to be in the tens of billions.

Which company owns Rynoh?

Rynoh is owned by Porch Group, which acquired the company in May 2021.