NAR put hammers down on non-RESO compliant MLS providers

Remember in The Godfather when Michael Corleone told Carlo those fateful words.

“Today I settle all family business”

Well today feels like one of those days.

It started with the NAR announcement about shutting down AMP and now I’m hearing that close to 100 MLS Providers received letters from NAR threatening to pull there E&O Insurance if they don’t start to comply with RESO standards, within 60 days. I’m told these emails were sent to MLS staff, association staff, EO/AEs and volunteer leadership.

Here’s some excerpts from the email sent by Rodney Gansho, Managing Director for NAR, Association and MLS Governance.

“It has come to our attention your MLS may not have completed implementation of the RESO Data Dictionary and/or Web API. Immediate action is required to ensure that the Association and MLS does not jeopardize its NAR insurance coverage

In accordance with MLS Policy Statement 7.90, Real Estate Transaction Standards, adopted by the National Association of Realtors® Board of Directors in November 2011, REALTOR®-Association-operated MLSs are required to implement RESO Standards. The deadline to implement the RESO Data Dictionary was January 1, 2016. The deadline to implement the RESO Web API was June 30, 2016. Subsequent releases to RESO Standards must occur within one year from ratification. “

and the kicker…

We request the association/MLS respond immediately to confirm the MLS is scheduled to use the RESO compliance certification program or, alternatively, provide confirmation the MLS otherwise complies with the RESO standards. Failure to respond within 60 days from the date of this notice will result in the loss of NAR insurance coverage.

“The 200 vs the 500” war has begun. This is a huge win for brokers, standards and the MLS community in general.

“That’s the Chicago Way.”