Federal law administered by the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, requires certain residential real estate transactions to be reported to the federal government to help prevent money laundering and other financial crimes.
In some foreclosure sales, if you are the winning bidder, Xome, the foreclosure trustee, or another designated reporting party may be required to collect limited identifying information about the buyer and, if applicable, the buyer’s legal entity or trust.
This information is required by federal law, is not used for marketing purposes, and is collected solely for compliance with FinCEN’s residential real estate reporting requirements. Failure to provide required information after winning a foreclosure sale may delay or prevent completion of the transfer.
These requirements are currently scheduled to take effect on March 1, 2026, subject to further guidance from FinCEN.