Fair. I'm unaware of the effect that HRT may have had on my facial hair, but it was never very dense anyway. I was not able to grow a beard before my transition, it just wouldn't have filled out. I do expect that HRT has some effect, though. I only started shaving with a safety razor about 5 months into HRT, so I can't comment on any before/after there may have been from the HRT itself. I can't say I've noticed less hair anywhere, though it would have occurred over such a long period of time that I doubt I'd be able to discern a meaningful difference at any given time. If you have denser facial hair than I do, that could definitely be why you may have to take multiple passes, and it may also just be that I have much less facial hair than the average.