Porch Group Launches New Product in the Rynoh Title Platform

Porch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced the release of RynohVerifi, a new fraud warning product for title and escrow companies who want to help protect against fraud.

Rynoh, which was acquired by Porch in 2021, is a leading provider of SaaS solutions for title and escrow agents. Rynoh’s clients conduct real estate closing 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.

The title and escrow industry is highly complex and regulated. In many cases, title agencies receive and disburse millions of dollars of funds daily. Therefore, Rynoh is a critical part of their monetary control environment. In 2021, more than 30% of all US residential purchases and home refinances were protected by Rynoh software. Today this number is closer to 40%.

Rynoh’s 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.

“We are excited to launch this important product that aids fraud protection and banking integration services for our clients. 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,” Jim Weld, Rynoh General Manager.

“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,” Matt Ehrlichman, Chief Executive Officer.

About Porch Group

Seattle-based Porch Group, Inc., the vertical software and insurance platform for the home, provides software and services to approximately 30,700 home services companies such as home inspectors, mortgage companies and loan officers, title companies, moving companies, real estate agencies, utility companies, and warranty companies. Through these relationships and its multiple brands, Porch Group 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, home repair and improvement, and more. To learn more about Porch Group, visit porchgroup.com or porch.com.