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The Real Estate Transaction Standard




Travis Wright
Executive Director
Real Estate Standards
Organization
Welcome to the RETS Specification
RETS is a Data Transport Standard
                                                                                CMA




                                                                          B
                                                                        WE




                                                                                          IDX
                                                 CLIENT      Realtor
                                                                              Realtors
                                                VENDORS      APPS
                                                                                            E
                                                                                          IL




                                                                         G
                                                                                       OB




                                                                          EO
                                                                                   M




                                                BROKER’S
                                                IDX / VOW      WEB
                                                                       Consumers




   Submit                              RETS    SYNDICATION
                                                               WEB
   Listing        MLS                SERVERS     PORTALS
                                                                       Consumers
    Data



                   RETS
                                                               WEB

                     MLS                                               Consumers
                  CONSUMER
                   SEARCH
                   PORTAL



                    WEB
                                                   Data

                                                                                         DATA
                                                                                       ANALYTIC
             Consumers
                                                                                       PRODUCTS
                         Consumers
                                                   Data
RETS in Action




      RETS

                  Data
                 Names
                         META DATA




                  Data
                 Types
It All Begins With the Realtor’s Listing…
Listing Data Has an Audience
The Audience is Hungry




(Source: www.realtors.org Jan. 2010)
Now, Greater Demand for Property Data
RETS and RESO Timeline


                                                   2009
            1999                                 MLS / RETS
         RETS Begins                             Compliance




                                    2007                         2010
                                RESO Formation                   R&D
                                                              Modernization
v 1.0              Oct, 2000
v 1.0.1           June, 2002
v 1.5             Dec, 2003         (129)
v 1.7d6           April, 2005
v 1.72            Aug, 2008
v 1.8             Sept, 2010
Board of Directors
RESO Board Composition by Charter

Brokerages


 MLS Associations


    Local REALTOR Associations


       NAR


             Server-Client Tech Vendors
Standards-Making Process
Writing a Data Standard
Would More Standards Help?
SOCAL                                  Traverse
 MLS                                     MLS




Austin                                Charleston
 MLS                                    MLS
Standard Names & Types:
            The Schema Challenge
Standard Data Names          Data Types / Values

   ListPrice             A number or a range?
   Bathrooms             A ‘lookup’ or drop down?
   LotArea               A text string?
Steps to a Complete, National Data Standard
     STAKEHOLDER ACTIONS
                                                                   STAKEHOLDER BENEFITS
1.    900+ MLS
        must agree to standard names AND standard data
         types / values                                               The App Explosion!

2.    MLS Server Vendors                                              Lower I.T. costs
        must commit to rewrite their apps and reconfigure their      Consistency, Certainty
         servers
3.    Client Vendors
        must commit to rewrite their apps to the new standards
4.    Brokers’ I.T. Departments
        must reconfigure their IDX / RETS feeds
5.    Syndicators (Point2, ListHub)
        must reconfigure their applications
6.    Portals (Google, Trulia, Zillow, Yahoo)
        must reconfigure their RETS feeds
Data Standards: The Currency of the Transaction

                                                                                                                                                                                            eNote
                                                                                                                                                                                           Registry


    Real Property Transaction                                         Mortgage & Title Transactions                                                 Capital Markets Transaction

     Property Search, Analysis, & Contract                          Loan Origination / Title Exam / Closing                                          Securitization                        FANNIE
                                                                            For Secondary Market                                                                                          FREDDIE

                                                                                              Title Search,   Closing Agent
                                                                           Mortgage                                                                                                       WALL ST.
           REALTOR              SELLER       BUYER                          Lender
                                                                                                  Exam,          Title Co
                                                                                               Underwrite        Attorney                             eNote
                                                                                                                                                                        eDelivery        INVESTORS
                                                                                                                                                     Registry

PROPERTY
  DATA                                                                                                                                                                               Mortgage
                              eTransaction Platform (Data & Documents)                      Processing          eClosing               eVaulting                                      Backed
                                                                                                                                                                                     Securities
                                                                               eSignatures                                                                                             (MBS)
                eSignatures

                                                                                                                  Closing
                                                                                                                 Documents                      eDoc
           Property      Sales
                                                                                                                                              Custodian
  MLS       Listing     Contract
                                               Loan App                         Loan App
                                                                                               VOE, VOI
                                                                                                                                                   eVault                  LOAN
                                                 Initial                       Loan Quote
                                                                                                Credit
                                                                                                               SMARTDocs                                                 SERVICING
                                              Disclosures                        Rates &                                                                                 PORTFOLIO
                                                                                                  MI
                                               GFE, TIL                          Pricing
                                                                                               Appraisal
                                                                                  Lock
                                                                                                 Title
                                                                                                                  eNOTE                                                   Archive
                                                            eDisclosures

                                                                                                                                                                          eVault
                                                                      Lender’s Back Office                         Deed
                                                                       POS & LOS System
                                                                                                                               Paper
                                                                                                                                              County Recorder
                                                                                                                                                    Court House


                                                                                                                              eRecording      Simpli
                                                                                                                                                                eStar
                                                                                                                                               File
Thank You.




                      Travis Wright
                 Executive Director
Real Estate Standards Organization
                  twright@reso.org
                     281-217-2789

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Travis Wright at Inman Connect July 14 2010

  • 1. The Real Estate Transaction Standard Travis Wright Executive Director Real Estate Standards Organization
  • 2. Welcome to the RETS Specification
  • 3. RETS is a Data Transport Standard CMA B WE IDX CLIENT Realtor Realtors VENDORS APPS E IL G OB EO M BROKER’S IDX / VOW WEB Consumers Submit RETS SYNDICATION WEB Listing MLS SERVERS PORTALS Consumers Data RETS WEB MLS Consumers CONSUMER SEARCH PORTAL WEB Data DATA ANALYTIC Consumers PRODUCTS Consumers Data
  • 4. RETS in Action RETS Data Names META DATA Data Types
  • 5. It All Begins With the Realtor’s Listing…
  • 6. Listing Data Has an Audience
  • 7. The Audience is Hungry (Source: www.realtors.org Jan. 2010)
  • 8. Now, Greater Demand for Property Data
  • 9. RETS and RESO Timeline 2009 1999 MLS / RETS RETS Begins Compliance 2007 2010 RESO Formation R&D Modernization v 1.0 Oct, 2000 v 1.0.1 June, 2002 v 1.5 Dec, 2003 (129) v 1.7d6 April, 2005 v 1.72 Aug, 2008 v 1.8 Sept, 2010
  • 11. RESO Board Composition by Charter Brokerages MLS Associations Local REALTOR Associations NAR Server-Client Tech Vendors
  • 13. Writing a Data Standard
  • 14. Would More Standards Help? SOCAL Traverse MLS MLS Austin Charleston MLS MLS
  • 15. Standard Names & Types: The Schema Challenge Standard Data Names Data Types / Values  ListPrice  A number or a range?  Bathrooms  A ‘lookup’ or drop down?  LotArea  A text string?
  • 16. Steps to a Complete, National Data Standard STAKEHOLDER ACTIONS STAKEHOLDER BENEFITS 1. 900+ MLS  must agree to standard names AND standard data types / values  The App Explosion! 2. MLS Server Vendors  Lower I.T. costs  must commit to rewrite their apps and reconfigure their  Consistency, Certainty servers 3. Client Vendors  must commit to rewrite their apps to the new standards 4. Brokers’ I.T. Departments  must reconfigure their IDX / RETS feeds 5. Syndicators (Point2, ListHub)  must reconfigure their applications 6. Portals (Google, Trulia, Zillow, Yahoo)  must reconfigure their RETS feeds
  • 17. Data Standards: The Currency of the Transaction eNote Registry Real Property Transaction Mortgage & Title Transactions Capital Markets Transaction Property Search, Analysis, & Contract Loan Origination / Title Exam / Closing Securitization FANNIE For Secondary Market FREDDIE Title Search, Closing Agent Mortgage WALL ST. REALTOR SELLER BUYER Lender Exam, Title Co Underwrite Attorney eNote eDelivery INVESTORS Registry PROPERTY DATA Mortgage eTransaction Platform (Data & Documents) Processing eClosing eVaulting Backed Securities eSignatures (MBS) eSignatures Closing Documents eDoc Property Sales Custodian MLS Listing Contract Loan App Loan App VOE, VOI eVault LOAN Initial Loan Quote Credit SMARTDocs SERVICING Disclosures Rates & PORTFOLIO MI GFE, TIL Pricing Appraisal Lock Title eNOTE Archive eDisclosures eVault Lender’s Back Office Deed POS & LOS System Paper County Recorder Court House eRecording Simpli eStar File
  • 18. Thank You. Travis Wright Executive Director Real Estate Standards Organization twright@reso.org 281-217-2789