"We hired somebody who worked on the GTO reports on behalf of an underwriter, so they put this on our radar last year, Advalis CEO Charles Wismer told HousingWire. The more we looked at it, the more we realized it was a very similar filing process. So, we decided to take the same solution that we had in the law and accounting space and port it over here for the FinCEN filings for real estate."
"For settlement agents and title professionals, the new filings represent a major time burden. Wismer explained that completing a report manually is an eight-step process that can take two and a half hours. You have to explain these reporting requirements, distribute and collect forms with 111 fields, answer questions, track deadlines before and after closing, follow up with all parties, then finally submit the report and store the record for five years, Wismer said."
"Essentially, our mission is simple. We figured out how to automate this process, and we take it down to about five minutes. Wismer said the platform allows firms to scale quickly. If they don't have a lot of closings, if they're only doing one or two of these reports a month, it's not the worst thing in the world, he said."
Advalis launched FincenRealEstateReport to apply its BOI and Corporate Transparency Act filing expertise to FinCEN real estate reports. The platform automates an eight-step manual process that can take about two and a half hours, including explaining reporting requirements, distributing and collecting 111-field forms, answering questions, tracking pre- and post-closing deadlines, following up with all parties, submitting the report, and storing records for five years. Submitting the form itself can take 20 to 25 minutes. Automation reduces that time to roughly five minutes per report and allows firms to scale as report volume grows. Clients are still adjusting with the rule effective in three months.
Read at www.housingwire.com
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