First American and HAR Boost Quality of MLS Data
—Implementation of Database Integrity System Offers Increased Listing Accuracy for MLSs and Their Members—
August 11, 2005, SANTA ANA, Calif.
First American Residential Group, Inc., a member of The First American Corporation (NYSE: FAF) family of companies, today announced that it has formed a strategic partnership with the Houston Association of REALTORS® (HAR) and has acquired HAR’s international Database Integrity (DBI) system. This system is an integrated software program used for monitoring the quality of real estate information and enforcing compliance with multiple listing service (MLS) rules and regulations. Developed by HAR, the system is currently implemented throughout the Association’s user base and will now be offered to the MLS industry by First American.
MLS systems contain core listing data for real estate transactions and are crucial for real estate professionals and consumers looking to buy or sell property. The DBI system monitors the integrity of the data provided, ensuring that the information is complete, accurate and up-to-date. This helps protect the MLS from potential liability and improves the overall interaction between real estate professionals and consumers. As a First American technology, DBI will be utilized by a greatly expanded market, benefiting REALTORS® and their clients nationwide.
“The reliability of property data has been a concern of the MLS industry for some time now,” said Stephen C. Roney, president and chief executive officer of First American Residential Group. “MLS data is now available to the public more than ever before, but what has not been available is the assurance that the integrity of the data is intact. With this system, we can now offer that assurance.”
Under the agreement, First American will own the DBI system, and will continue to enhance and develop it with input from HAR. The first phase of system implementation will begin with the MLSs currently using First American’s TEMPO™ platform, offered through its MarketLinx® Solutions subsidiary. Later phases of implementation will include the general MLS industry.
“We have taken a huge industry elephant and divided it into manageable chunks,” said HAR board chair Toni Nelson. “For too long our brokers, agents and consumers have wrestled with a data system that grew larger, but not necessarily more accurate. Now we have a means of controlling the quality of the data that real estate professionals rely upon daily for their business.”
Founded in 1918, the Houston Association of REALTORS® (HAR) is a 21,000-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual membership in
About The First American Corporation
The First American Corporation (NYSE: FAF), a Fortune 500 company that traces its history to 1889, is the nation’s largest data provider. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within six primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $6.72 billion in 2004, First American has approximately 2,000 offices throughout the