2 minute read
Digital compliance firm Restb.ai has added another tool to its suite of products to help MLSs ensure real estate brokers and agents on their platform are complying with the terms of the National Association of Realtors’ (NAR) commission lawsuit settlement. The company announced the launch of its document compliance solution on Wednesday.
The AI-powered tool enables MLSs to automatically identify potential risks tied to buyer agent compensation language in submitted documents. The solution automatically scans submitted PDFs for typed or handwritten references to commission or compensation and then categorizes those references into high, medium or low risk levels.
Oregon’s Regional MLS (RMLS) is one of the first to adopt the tool, making it available to its roughly 14,000 subscribers.
“We were looking to make our internal processes more efficient and better support our compliance efforts,” Marissa Bigler, vice president of subscriber service at RMLS, said in a statement. “Restb.ai’s solution integrates seamlessly and will reduce staff workflow, helping us streamline our internal document review process.”
When the document compliance tool finds a problem, the company says it shows users the exact keyword that is an issue, as well as a portion of the surrounding text.
Duncan Brownlee, Restb.ai’s vice president of product, said the firm decided to create the solution after MLSs asked them for a way to save time. Many were having staff manually check all filed documents for compliance issues.
“With our new document compliance solution, MLSs can meet their legal responsibilities at a fraction of the cost, with our AI completing reviews in real time as part of an agent’s regular workflow,” Brownlee said in a statement.
Restb.ai said the new tool can be used in conjunction with its photo compliance solution, which was launched in 2019. The photo compliance solution scans photos for inclusions of any cooperative compensation or commission information.
“This is just the beginning; we already have new features in the works to help MLSs get even more efficient with their document risk management,” Brownlee said.
