Industry NewsTechnology

Florida MLS requires agents to disclose REO status

New data field not available to public

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A regional multiple listing service in southeast Florida is now requiring that member brokers and agents state whether or not properties they represent are bank-owned when entering them into the MLS.Officials with Palm Beach Gardens, Fla.-based Regional Multiple Listing Service Inc. (RMLS) say the new "REO" MLS data field -- which is mandatory and searchable -- was already in the works when a local newspaper reported on Sunday that some banks were telling agents not to disclose their ownership.The real estate owned (REO) MLS field was implemented Tuesday, two days after the Palm Peach Post reported that a large asset management company that sells homes for Wells Fargo and other banks was instructing agents to list the owner of bank-owned properties as "Owner of Record," rather than naming the bank.Other MLSs have created data fields for agents to declare whether a property is bank-owned or a likely short sale, although agents are not always required to fill them out...