Some Real Estate licensees have received correspondence from Bank of America regarding the entering of Short Sales in the MLS and the marketing of properties. Certain policies proposed by Bank of America violate the MRIS Rules and Regulations and, in certain circumstances, may violate the Code of Ethics and state licensing law. A number of MRIS customers reached out to us with questions regarding Bank of America’s new policy statement and compliance with MRIS Rules and Regulations.
Bank of America, as well as other lending institutions, may not be aware of the legal and ethical obligations that Real Estate professionals must adhere to. As a result, some policy decisions by the lending institutions are made in a vacuum. The National Association of REALTORS® reached out to Bank of America to educate them on REALTOR® obligation to the Code of Ethics and to their MLS policy rules. Lending institutions are also subject to regulation and ethical behavior, which should make it easier for those institutions to understand the Real Estate profession’s obligations.
Based on this new information, Bank of America is going to review their policy on the listing of short sales in the MLS.
**MRIS blogs on a variety of subjects. Not every blog will affect or is intended for every MRIS customer. This blog was intended for those customers and their sellers who received correspondence from Bank of America. If you do not currently have a seller who has been contacted by Bank of America about a potential short sale, then this blog does not pertain to you.