What does this mean?
UAD is the Uniform Appraisal Dataset, which goes into effect on September 1, 2011. Fannie Mae and Freddie Mac, (the GSE’s – Government Sponsored Enterprises), created the Uniform Mortgage Data Program (UMDP) initiative which is intended to improve the quality of loans and documentation submitted by originators to the two GSE’s. The UMDP is a comprehensive loan quality program with several sub-initiatives, most of which apply to lenders who sell loans on the secondary mortgage market.
For appraisers, the UAD is the most important of these sub-initiatives. This program is intended to standardize and provide consistency for data points on real estate appraisal reports. The existing forms will not change, but how certain data is entered into the form will be standardized. Additionally, reports will now be submitted to lenders in what is referred to as a 'dual' format. Lenders will receive the customary 'pdf' file along with a new requisite 'xml' file that is also submitted to the participating GSE.
The Kinnane Group has been issuing UAD compliant reports in dual reporting formats to lenders who have requested them since the middle of July. Our UAD compliant training is complete, our software is in place and our appraisal processing and auditing system is operational. Simply put, we are up and running!
Please let us know when you would like to begin receiving these new dual format reports.
Additional reference material regarding UAD is available on the Freddie Mac website:
UAD Interactive Reference Manual
We look forward to being your partner in migration to the new UAD requirements. Please feel free to contact us with any questions you may have.
After a fairly robust local real estate market in June, the month of July blessed us with gorgeous beach, boating and back yard barbecue weather and challenged us with a brief heat wave that broke the 100 degree barrier for a short stint. These factors and the national debate over our nation's debt ceiling limit apparently combined to keep a few more people away from house hunting this month, at least in our little corner of the world.
Although July's prices did see some movement, they don't seem to be very far off from the numbers posted in June. The volume of pending sales, however, was certainly down. These monthly statistics cover 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 07/01/2011 through to 07/31/2011 in our local market area serviced by the H3MLS-Property Information Network.
The total sales volume was recorded at 119 new properties that went under agreement during the month of July, which is a 22.7% decrease from the 154 properties in June, offsetting the 22% gain in volume realized from May to June. New pending sales data for the month of July 2011 indicated a slight 0.52% decrease in the median sale price recorded at $209,900. and a slight 1.29% increase in the mean sale price that was tallied at $257,208. The mean posted a 2nd consecutive month of gains.
With interest rates at such low levels and adequate funding available to qualified applicants, 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, make sure you neither under sell or over pay for your property, and to help you out along the way!
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