What should innovators in the MLS, brokerage, vendor and mortgage space do when they start moving beyond standards set by organizations like RESO and MISMO?

What should innovators in the multiple listing service, brokerage, vendor and mortgage space do when they start moving beyond standards set by organizations like the Real Estate Standards Organization (RESO) and Mortgage Industry Standards Maintenance Organization (MISMO)?

Joseph Deller, the vice president and product development manager of financial management firm Wilmington Trust, thinks it’s important to inform MISMO, the standards arm of the Mortgage Bankers Association, as you work on new data innovations in the mortgage space.

“What I would suggest is, first, make sure you engage with the standards organization,” Deller said. “You might find out you’re not so far ahead as you might think.”

Deller explained that these organizations have the ability to change standards in advance of the implementation of new data technology. He also believes the standards can do a good job telling you if your technology has value.

“A lot of times, the way these standards evolve is by something new taking place or something revolutionary taking place,” Deller said. “You can get out there, ahead of where they are. If what you have is really good, the standard will follow.”

Rebecca Jensen, the president and CEO of Midwest Real Estate Data (MRED) — a Chicago area MLS — has seen that first-hand with MLS Grid, a collaboration of MLSs that aims to unify and standardize property information on a shared platform.

At MLS Grid, there have been debates on how to handle coming soon, or pocket listings, but there’s no standard set by RESO right now. She thinks you need to keep the standards organization informed, but you can’t wait for it.

“Don’t necessarily just wait for it,” Jensen said. “Somebody has to go first.”

Email Patrick Kearns

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Prepare for this fall with top agents & brokers at Connect Now this Tuesday.GET YOUR TICKET×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription