Real Estate Data
Modex collects real estate data from Multiple Listing Services (MLS) nationwide. MLS/Real Estate data and related functionality is considered a beta product. This data is currently used to understand the relationship between loan officers and real estate agents, but will be used in the future for advanced analytics on the real estate industry.
What is Modex's Real Estate data coverage?
Modex collects real estate data from hundreds of MLSs across the country. It is difficult to ascertain our MLS coverage as a percentage (like we do with our mortgage data) because while each MLS has a general area of operation, there is no hard definition of what geography an MLS operates in. To view where we collect MLS data, please visit our MLS Coverage page.
How historical is Modex's Real Estate data?
Modex has MLS data going as far back as August 2020.
What sort of Real Estate data does Modex get? What are "field fill in rates"?
Modex gets a variety of fields on real estate transactions. Some of the more important fields are status, address, APN (parcel number), listing agent/office, buyer agent/office, sale price, and sale date. We also get a plethora of information on the property itself.
Each MLS operates independently which means there is a lack of standardization of fields across these different organizations. For example, one MLS might call a property "distressed" while another might call it "rehab". Modex is a member of Real Estate Standards Organization (RESO) which is a consortium of different National Association of REALTORS®, technology companies, and MLSs working towards standardizing MLS fields.
Since each MLS operates independently, they do not all report on all fields. For example one MLS may report Buyer and Listing Agent Names, but another MLS may not report either of those fields. Modex is transparent by providing a "field fill in rate" to our clients so they can understand why certain data is unavailable in certain areas. This is a "global data collection" issue and affects anyone who is utilizing MLS data. To view our "field fill in rates", please visit our MLS Coverage page.
What is a Restricted MLS?
MLS data is highly restrictive in terms of permissible use. Certain MLSs restrict us in what we can do with their data and we communicate this with our clients by identifying/anonymizing this data as "Restricted MLS". To view what MLSs are restricted, please visit our MLS Coverage page.
What is the "Match Accuracy"?
There is no unique "key" to match mortgage transactions to real estate (MLS) transactions. Modex utilizes a series of matching algorithm and confidence levels to match mortgage transactions to real estate transactions. When you see a "Match Accuracy" on a Loan Officer or Branch Detail Page, we are letting our client's know of purchase transactions how many we were able to successfully match to real estate transactions. If Modex does not have MLS coverage in an area (IE: Seattle, Washington), you will see a lower Match Rate.