Closinglock has launched a new, simplified FinCEN data capture tool to help title pros meet new rules.
As per a March 1 mandate, title and settlement companies must gather detailed information about buyers, sellers and beneficial owners for non-financed, residential closings — a process forecast to add two to three hours of manual work per file.
The new requirement will impact roughly one in ten closings nationwide, Closinglock says in a release.
The new integrated solution simplifies, centralizes, and automates data collection and storage required under the rule. It is available immediately to all Closinglock customers at no additional cost.
Closinglock makes FinCEN reporting simpler by enabling title professionals to send clients an easy-to-use form in minutes, streamlining the data collection process.
Through its Docusign integration, every FinCEN form includes certified e-signatures, tamper-proof protection against post-signature edits, and detailed completion certificates — providing confidence that each filing is authentic and defensible.
Once forms are returned from clients, records automatically sync with Closinglock-integrated title production software and are stored for up to five years to meet FinCEN requirements.
Teams also receive a complete audit trail —including signer IP addresses, identification details, and timestamps — giving confidence that filings are accurate, complete, and ready for regulatory review. Additionally, Closinglock’s built-in communication suite will send clients automated reminders to finish forms and alert teams as soon as documents are finalized.
“Title companies are being asked to take on more compliance responsibility — and more risk — than ever before,” says Andy White, founder and CEO of Closinglock, in the release. “We know how much work title professionals put into each closing, and we hear their concerns about the impact of new regulations. By simplifying FinCEN data collection, we’re removing some of the burden title professionals would bear every day and replacing it with a process that ensures data is collected accurately, securely, and on time.”