Advalis Introduces FincenRealEstateReport
Advalis CEO Charles Wismer shared that the company’s new platform, FincenRealEstateReport, was inspired by their experience in the law and accounting space. The platform aims to streamline the FinCEN filings for real estate, offering a similar solution to the Beneficial Ownership Information and Corporate Transparency Act filings.
Wismer highlighted that the real estate rollout marks Advalis’ first venture into the title sector, providing a valuable tool for settlement agents and title professionals.
Time-Saving Automation
Completing FinCEN reports manually can be a time-consuming process, taking up to two and a half hours with multiple steps and 111 fields to fill out. Wismer emphasized the platform’s ability to automate this process, reducing the time taken to complete a report to just five minutes.
The platform also allows firms to scale quickly, offering efficiency as the number of reports increases.
Client Concerns and Exemptions
With the rule’s effective date approaching, Wismer noted that clients are still adjusting to the new requirements. While some hope for a rollback or suspension, it appears unlikely.
Reporting responsibility typically falls to the settlement agent, but the platform helps clarify roles and designations for filing the report. Wismer also mentioned limited exemptions for the new rule, focusing on residential properties and low-risk transactions.
Ready for Launch
Aside from real estate reporting, Advalis’ platform supports BOI filings and foreign entity reporting. Wismer mentioned their readiness for the Residential Real Estate Rule PDFs and their upcoming showcase at ALTA ONE in New York City.
Advalis aims to equip the industry with the tools needed for efficient reporting, ultimately saving time and resources for all involved parties.