ALTA Survey from Chris Morton, CEO
A Texas court vacated the Financial Crimes Enforcement Network (FinCEN) Residential Real Estate Rule. Since then, FinCEN has issued guidance that “reporting persons are not currently required to file real estate reports with FinCEN.” However, future actions through FinCEN or the courts could reinstate or modify reporting requirements. The ALTA team continues to be in contact with FinCEN to request further guidance as the title industry navigates the uncertainty around the long-term impact of this ruling. We have advised FinCEN that any change in the current guidance should be immediately communicated to the title industry and include a grace period to implement such changes. We are also actively engaging with lawmakers on Capitol Hill to update them on the issues that title professionals experienced while complying with the rule once it initially became effective March 1. This inflection point offers a unique opportunity to present your on-the-ground perspectives and advocate for changes to help lessen the burden on your business.
To that end, we need your help to collect real-world insights into how the rule affected your business and transactions. Please take part in ALTA’s FinCEN Experience Survey to help arm our team with data on the rule’s impact and strengthen our ability to advocate on your behalf. This is a pivotal opportunity to make your voice heard and explain the burden this rule places on title professionals and homebuyers across the country.
