Although compliance is not mandatory until September 2011, the Kinnane Group has recently upgraded its appraisal processing software and is currently in position to begin delivering Uniform Appraisal Dataset (UAD) compliant appraisal reports in 'PDF' or 'XML' formats.
Fannie Mae and Freddie Mac have jointly established the Uniform Mortgage Data Program (UMDP), under the direction of the Federal Housing Finance Agency, to provide common requirements for appraisal and loan delivery data.
UMDP consists of several components, but the UAD is the key piece that will affect day-to-day appraisal reporting, and consists of key appraisal data elements being standardized to ensure that they are consistently reported across the entire scope of the GSEs' loan portfolio.
Use of the UAD is required for appraisals reported on the four UAD appraisal forms with an effective date on or after September 1, 2011. Prior to that date, the Kinnane Group which has updated its appraisal forms software to a version designed to prepare UAD-compliant appraisal reports will start using the UAD, as required by our lender clients.
The Kinnane Group announces that it has been added to the real estate appraiser panel at Streetlinks.
StreetLinks is a national leader in mortgage lending solutions. They provide an innovative and differentiated suite of valuation services and lending technology solutions. StreetLinks' commitment to quality and service, combined with their partnership approach to clients and appraisers, sets them apart as one of the nation's premier lending solutions partner.
The Best People! Streetlinks boasts that it's their people that make the difference! From their executive level experience in appraisal and mortgage management to their network of the finest appraisers in the nation, StreetLinks attracts and maintains the best people in the lending industry.
The Kinnane Group is a leading local real estate service provider serving the southcoast region of Massachusetts and nearby east bay Rhode Island for 51 years.
April 2011 was, seemingly, another fairly typical spring time market here in our little corner of the world. Although sales volume was down from the spike we saw in March, the good news is that sale prices have seen a sizeable increase, erasing the dip we realized in March in the mean and median prices recorded.
The total sales volume was down approximately 7.35% from the 136 properties that went under agreement in March. 126 new properties went under agreement during the month of April and, as expected, this continues to be well above our winter lows of 95 and 99 pending sales posted this past December and January.
These monthly statistics cover residential properties for the towns of Dartmouth, Fall River, Little Compton, RI, Somerset, Swansea, Tiverton, RI, and Westport. They reveal a respectable level of activity for residential properties that went under agreement from 04/01/2011 through to 04/30/2011 in our local market area serviced by MLS-Property Information Network.
New pending sales data for April indicate a median and average sale price of $209,900. and $259,502., respectively. Both of these prices show a sizeable month to month increase. The median price is up approximately 6.8% from March 2011 and the average sale price is up a total of 13%. Although a positive sign, this may just be a continuation in the trend of fluctuating pricing that has been occuring for an extended period of time as we, seemingly, continue to hover at / near the bottom of this local real estate market cycle.
With interest rates at relatively low levels, adequate funding available to qualified applicants and continuing growth in labor markets, this is quite an opportune time to buy!
If you're ready to jump into the market and take advantage of the opportunities that exist, contact us today to determine your options as either a buyer or a seller. We're here to work through the complexities of the local real estate market and to help you out!