Lender Requesting Copies of MLS Sheets.

[Mike Garrett RAA]

Much depends on the local MLS, the board of directors of the Board of REALTORS®, and their attorney.

In years past, my board had an attorney who advised the REALTORS® not to disclose the terms of the sale and if any concessions were paid. He is long since gone and dead I think but it caused huge problems for everyone in the sales process.

 

[Caitlyn Stuart]

Question

What is the difference in us providing MLS data to lenders versus Realtors providing MLS data to their clients?

 

[NC Appraising]

What is the difference in us providing MLS data to lenders versus Realtors providing MLS data to their clients?

Whats the difference in someone who is a subscriber to a online magazine, and then takes the articles and puts it on their website and charges someone to look at it?

Why is their a copyright symbol on every MLS sheet and photo?

Who owns the data on the MLS sheet? (hint: the REALTOR who took the photo...)


The difference? The agent is using it as they are suppose to. Appraisers are COPYING it and including it in their report and charging for it; unless you work for free.



In other words, enough is enough. If we do not stop some where and put our foots down some where, they will keep running over us (the AMCs).


They are requiring all of this extra info, and it only makes them more money (on reviews, all the data is in the report...) and makes them look better in the lenders and regulators eyes as they are "doing" something to earn their 50% cut.

 

[Socrates]

Okay, forget about lenders and AMCs and lack of trust. Here is this outfit's engagement letters for reviews, specifying MLS data required...

http://interthinx.com/appraiser_interest.php

Here is their sales pitch to clients touting MLS data...

http://www.interthinx.com/ValueGUARD/

Wonder who they are getting their MLS data from? By the way, they use a portal for the reports.

This company appears to be a collateral review company. I took a look at their engagement letter for a FNMA field review. It is Fannie's engagement letter to the letter. FNMA field reviews are for, in many cases, fraud investigations and we are required to submitt MLS sheets for the original subject and comparables as well as the new comps it they were replaced. This helps them when they are trying to place a repurchase arguement or go after someone for fraud. Most collateral review firms will submit not only the report but all supporting documentation. BTW, the fee for including this documentation is significantly higher than a typical field review.

I would not submit MLS sheets for a regular appraisal assignment.

 

[DMZwerg]

What is the difference in us providing MLS data to lenders versus Realtors providing MLS data to their clients?

NC covered it very well in post #83 but I will add one more comment ...

The listing "broker" account the data was entered under is generally given additional "exception" to distributing MLS data sheets of properties they have listed. The reason is that they technically hold at least a partial copyright (aka, MLS states the information is copyright by the MLS, but the broker/listing agent often hold at least some rights as the originators). When discussion RE Agents and providing MLS data to clients two additional considerations should be who the originator is and what mutual agreements said originator has with the RE Agent involved. MLS works in part as a limited mutual agreement between RE Broker offices in regards to the mutual reciprocal usage of said information.

Hope that helps you to understand why appraisers are not considered as identical to RE Agents and they, in turn, are not treated identical to the Listing Broker (firm or individual). Reading your MLS Rules, etc, can help you understand the differences and thus aid you if you need to seek permission to meet client requirements.

 

[Vetteman]

This company appears to be a collateral review company. I took a look at their engagement letter for a FNMA field review. It is Fannie's engagement letter to the letter. FNMA field reviews are for, in many cases, fraud investigations and we are required to submitt MLS sheets for the original subject and comparables as well as the new comps it they were replaced. This helps them when they are trying to place a repurchase arguement or go after someone for fraud. Most collateral review firms will submit not only the report but all supporting documentation. BTW, the fee for including this documentation is significantly higher than a typical field review.

I would not submit MLS sheets for a regular appraisal assignment.

The first and last order they sent me was for $275, a retrospective field review, which I promptly declined. My point was they are advertising the sale of MLS data and question where they are obtaining this information nationwide? I suspect they are conducting a mining operation.

 

[Non Sequitur]

The first and last order they sent me was for $275, a retrospective field review, which I promptly declined.

Good for you for turning down garbage pay. The greedy AMC is keeping 50% and a bunch of ding-dongs are accepting 50% pay. These "retro" field reviews paid $550 when I received the orders directly. And trust me, at $550 I took a whipping on a few.

 

[imjiminnh]

NHs MLS take on the situation

I talked with the director of ops at our states MLS offices and he made it clear that sending "full" MLS listings was a violation of their regulations. He suggested that the "public" option would be acceptable. Missing would be days on market, original sales price, concessions, realtor remarks, etc.. I added some poorly executed scans of this info and added it to the report as requested and heard not a word back from the underwriters. Of course, where they could have been on the job for 3 or more hours when they read the report...

 

[Elliott]

The last one I had where they asked for MLS sheets, I just said that local MLS
would not permit MLS sheets to be copied and distributed. They said nothing.
What could they say? What's the John Cougar Mellencamp line, 'If you don't stand
up for something, you'll fall for anything.'

 

[Terrel L. Shields]

Who resurrected this thread?