"The crisis produced a generation of regulatory reform premised on one simple lesson: when the information underlying credit decisions is distorted, manipulated or concealed, the consequences don't stay contained to the transaction where the distortion occurred."
"For generations, MLSs were the central repository of residential market activity, built on mandatory participation and standardized data, resulting in a reliable record used by appraisers and mortgage entities."
"Private listings, once a marginal slice of transactions, have quickly become more prominent, threatening the integrity of the mortgage data infrastructure that underpins every transaction."
Private listings are increasingly prevalent in real estate, marketed before appearing on MLS to obscure market data. This trend erodes the information necessary for accurate risk pricing in mortgage decisions. The historical reliance on MLSs for standardized data has been compromised, leading to potential systemic issues in the mortgage data infrastructure. The shift in policy enforcement has accelerated the rise of private listings, which could disrupt the cooperative nature that ensured data integrity and market reliability.
Read at www.housingwire.com
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