As the title and escrow industry prepares for the 11th hour of FinCEN reporting, a lot of title companies are looking at their P&L with concern. Compliance with government mandates often comes with a steep price tag, as new vendors charge heavy per-file fees to handle data collection and filing.
However, at CloseSimple, we believe that staying compliant shouldn't eat into your margins. We are excited to share that there is no added fee to utilize the FinCEN tool within the CloseSimple platform. We provide the infrastructure to identify reportable files and capture the necessary beneficial ownership information without adding a new line item to your overhead.
Better yet, this shift in regulation actually presents a unique opportunity for title companies to actually generate revenue.
Because the FinCEN data collection and submission process requires significant time and expertise, many companies are choosing to charge consumers a reasonable filing fee for this service. To our knowledge, federal law does not dictate who pays for the cost associated with completing the report, meaning the burden of cost for this additional service can be passed on to the parties involved.
By leveraging CloseSimple’s built-in FinCEN tools, you can fulfill the government mandate efficiently and professionally while potentially turning a compliance requirement into a new revenue stream. Instead of worrying about added costs, you can focus on providing a high-value service to your clients. You stay compliant, your consumers get a secure experience, and your P&L remains healthy.
Let FinCEN work for your business, not against it.
Schedule a demo today to see how CloseSimple can help you with FinCEN compliance.
Disclaimer: Please consult with your state and local authorities, as well as your title insurance underwriters, before implementing any new fees. Regulations regarding what can be charged to consumers—and how those fees must be disclosed—vary significantly by jurisdiction and underwriter policy. Ensure your fee structure remains in full compliance with all applicable regional laws and contractual obligations.
