Editor’s note: This story is being re-run due to an error earlier this week. We apologize for the error; we were up late watching the State of the Union address Tuesday night.
PropLogix launched its FinCEN Reporting service, which was created to help title agents comply with the U.S. Treasury's new Residential Real Estate Reporting Rule. This rule requires reports on certain residential property purchases made on or after March 1 by entities or trusts without institutional financing.
The PropLogix solution gives title professionals a path to compliance by handling the entire process from secure data collection to final submission with FinCEN.
“FinCEN reporting isn’t optional, and it isn’t something agencies can afford to get wrong,” David Daley, vice president of product at PropLogix, said in a release. “We’ve built a solution that integrates directly into their existing workflow, ensuring filings are handled accurately and efficiently without disrupting the closing process.”
PropLogix handles all buyer outreach, entity data collection, form completion and filing.
PropLogix offers buyer-facing intake where the firm securely collects required information from the buyer. The company also completes and submits reports as part of its full-service reporting feature. The service was designed around FinCEN's 2024 rule, and it will work “seamlessly” alongside existing PropLogix services.
The new reporting rule applies to residential real estate transactions across the country and is not limited by state or purchase price, making a consistent service model especially valuable.
“At the end of the day, our customers want clarity and simplicity,” Daley added. “This solution gives them a straightforward path forward without adding unnecessary complexity to an already busy closing environment.”
The FinCEN Reporting service is now live and available nationwide.