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
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