You Asked, We Answered: ‘3 Hours Per Report?!’ and Other FinCEN Fears—Debunked
Title Agent's Frequently Asked Questions about the FinCEN Anti-Money Laundering Real Estate Reporting Rule
🐐 Explore All Things Wicked | 🔔 Subscribe | 📢 Be a Sponsor
The Wicked Title Forum isn’t just a place for news and content—it’s a community. And when real questions come in from title professionals, like Julia Reyburn from J Reyburn and Co Ltd in Colorado, and others like her across the country, we answer them. Below are a few recent ones that have come up around FinCEN’s new real estate reporting rule (RER) set to take effect December 1, 2025.
Q: Isn’t the industry already drowning in compliance? Why add this on top?
A: Look, “The hidden work of title companies” is already monumental—title searches, insurance, compliance, fraud prevention. FinCEN’s RER adds another layer, sure—but being treated like the "responsible oldest child" of the real estate industry while everyone else parties at closing? Just another Tuesday.
Q: I saw you quoted FinCEN as saying "Up to 3 hours per report to collect, prepare, and file." Where did that number come from?
A: That estimate came directly from FinCEN’s own paperwork—specifically pages 6-7 of the June 5th Federal Register.
But, allow me to clarify that basic estimate with some further detail. After the initial comment period and 2 rounds on internal testing, FinCEN has specifically estimated that it will take a reporting person an average of 2 hours per transaction to collect and review transferee and transfer-specific reportable information and related documents and an additional 30-45 minutes to file the actual Real Estate Report depending on the complexity of the transaction.
FinCEN did announce that they were going to implement one of the suggestions I submitted during the public comment period: making the form dynamic, so that you only see relevant fields based on your earlier answers. That should cut down some of the time necessary to complete the form. Whether that was factored into the estimate? The Federal Register states, "FinCEN has considered whether any elements of the specific format of the RER and the available variations in format and filing mechanisms might reasonably be expected to increase the previously estimated reporting burden." So, to me, it sounds like they have.
But, ultimately, we won’t really know how long this takes to use the portal until the reporting portal goes live. And how long it will take an agency to collect all the necessary data needed to complete the form and communicate with their customers, will largely depend on the skill in implementing new processes and procedures, the software they use and how well they deploy time savings features offered by that software. And I assure you, based on decades of operational and tech consulting that I've done in this industry, those implementations will vary wildly.
If you'd like to streamline your implementation process, then check out the "FinCEN Real Estate Reporting: A Guide to Reporting Real Estate Transfers." A Wicked Title Forum Easy Kit, it's design to help you implement new data collection processes, train staff and comply with the new FinCEN Rule quickly and easily.
Q: What are you hearing from title agencies about how they plan to recover costs from all of this?
A: Short answer? It depends. Long answer? It really depends.
In states like Pennsylvania, where “all-inclusive filed rates” rule the land, agencies are basically super-glued to their fee schedules. They can’t charge extra for the extra time this rule eats up—only for actual government-imposed filing fees. And since FinCEN didn’t slap a price tag on this rule, there’s no pass-through to pass through. Translation: no soup for you.
Some agencies will just take it on the chin and eat the cost. Others are getting… creative. Think: written agreements that strategically shift responsibilities faster than a hot potato in a liability game. (Yes, it's legal.)
In states with more freedom to set fees, you’ll likely see a new line item pop up—something like “FinCEN Compliance Service” or “We Love Paperwork Fee.”
Q: I don’t want to do these FinCEN reports myself. Can I outsource it to a third party that specializes in filings?
A: Yes, outsourcing is 100% on the table. If you can find a vendor willing to deal with FinCEN’s 111-field filing adventure, some folks are happily handing over the keys. But if they’re not one of the designated "reporting persons" under FinCEN’s cascade, they can’t be the official filer.
That means the ultimate responsibility still falls on you. Even if you outsource the prep work, you’ll likely spend the same amount of time collecting all the necessary transaction details and double-checking the report before submission.
Q: What’s the difference between BOI reporting and the new FinCEN Real Estate Reporting rule? Are they related?
A: TThey’re like cousins at a dysfunctional family reunion—separate branches, same awkward dinner table.
BOI reporting (under the Corporate Transparency Act) is the entity’s job. If you’ve got an LLC, corporation, or similar structure, you’ve got 30 days after formation (or ownership changes) to tattle on who actually owns and controls it. That’s BOI’s thing.
FinCEN’s Real Estate Reporting Rule, on the other hand, is aimed squarely at you—the title or settlement agent—and only applies when you’re closing an all-cash deal involving an entity. That one’s due 30 days after closing.
So yes, it’s entirely possible that one transaction triggers both reports, filed at different times by different parties, with different forms, on different websites. Because of course it does.
Special thanks to Kat Rodgers at Foreign Tax CPA for helping us untangle that spaghetti bowl in our community.
Q: I thought the BOI was halted by the courts. Why do I still have to think about it?
A: The Corporate Transparency Act was paused by the courts, but only for companies formed in the U.S. Foreign-owned companies are still required to file.
So if you’re closing a deal involving a foreign entity, the BOI report still matters.
Q: They keep saying RER supports anti-money laundering—what exactly is being reported?
A: Fun fact: this isn’t about tiny details like parking permits. According to FinCEN's FAQ, you’re reporting on non-financed, all-cash residential deals involving entities or trusts. FinCEN’s goal isn’t to snoop—it’s transparency. You're identifying the beneficial owners behind shell companies paying cash for homes. Why? Because criminals love real estate as a clean-money laundromat.
Q: Is this going to overwhelm small shops, or is it manageable?
A: It won’t feel like a cakewalk. Many title teams are already stretched thin, manually pulling wires, vetting identities, and logging phone calls. Adding FinCEN into the mix without tech and protocols will feel brutal. But teams using secure workflows, fraud tech, and vendor partnerships are already smoothing the burden—and gaining trust in the process.
Q: How does the new FinCEN rule differ from those old Geographic Targeting Orders we were dealing with before?
A: Think of the Geographic Targeting Orders (GTOs) as the limited-time, limited-scope trial run—and this new rule as the full-blown nationwide rollout.
GTOs only applied to certain metro areas, like Miami or Manhattan, and only required reporting for deals above a specific dollar threshold. They were like “pop-up compliance.”
The new Real Estate Reporting Rule (RER), by contrast, is permanent, nationwide, and broader in scope. It applies to all cash purchases involving legal entities—regardless of where you are or how much the property is worth.
Check out the informative video from Stewart: 🎥How does the FinCEN Anti-Money Laundering Rule Differ from Geographic Targeting Orders?
Stay Wicked,
Cheryl
Have a question of your own?
Join our new WTF LIVE: The Title Think Tank Mastermind group where we are gathering once a month to ask questions, share our knowledge, and connect with peers who get it. If you’re wondering about it, chances are someone else is too.
🐐 Explore All Things Wicked | 🔔 Subscribe | 📢 Be a Sponsor
**DISCLAIMER**
The Wicked Title Forum is a crowd-sourced resource. To help us keep our information current and correct, please comment below with any corrections or updates and we will update the article accordingly.
All sample forms should be carefully reviewed for federal & state regulatory and underwriter compliance.
The information provided here (including, but not limited to instructions, steps, or forms) is for general guidance and educational purposes only. I am not an attorney and am not giving legal advice. Information should not be considered legal, underwriting, or financial advice and is followed at your own risk. Readers should consult with their attorney and/or underwriter to obtain advice tailored to their specific circumstances.