The conversation around FinCEN is getting louder, but clarity can be hard to find. So to add some clarity to the conversation, we sat down with two industry leaders who are not just preparing for the December 1st deadline—they are already managing FinCEN reporting on the front lines.
In our "FinCEN Reporting Decoded" webinar, Amy Rives of PGP Title and special guest Mallory Ray of Title Company of the Rockies shared their invaluable, boots-on-the-ground experience. They provided a practical blueprint for title and escrow companies of all sizes, moving past speculation and into actionable strategy.
Here are some of the key takeaways:
1. Your Process is Your Foundation Both Amy and Mallory emphasized the need for a clear, repeatable process. Amy detailed PGP Title's journey from a manual, paper-based system to a robust, tech-forward workflow with built-in automations, warnings, and quality checks. Mallory shared how her team uses a simple visual cue in their title production software, changing the file color to blue... to instantly identify a reportable transaction. The lesson is clear: start by defining your process, then leverage technology to make it consistent.
2. Communication is Non-Negotiable A major theme was the importance of proactive education. Mallory stressed the need to get in front of realtor partners early and often, visiting brokerages to explain the new requirements so they are not blindsided. Amy shared how PGP Title created simple scripting for their associates to use when discussing the requirements with consumers, assuring them that their information is confidential and federally required.
3. Quality Control Requires a Team Approach Both leaders highlighted that compliance is a team sport. PGP Title utilizes a dedicated quality review team to audit files and even checks the software configurations periodically to ensure alerts are effective. At Title Company of the Rockies, a separate internal compliance department provides a second set of eyes on every form and operating agreement before the closing is reported to the Treasury.
Want to see how CloseSimple helps put these strategies into action?
Both Amy and Mallory are CloseSimple customers who leverage our platform to help capture this critical information early in the process. With our secure portal and automated forms, we are helping title companies achieve over a 75% completion rate, often within the first 48 hours of the request.
Watch the full webinar replay above to get all the insights.
