Summit Valuations, LLC, announced that it will provide monthly reports to include real estate data and analysis of interest to mortgage loan servicers and capital market firms that trade mortgage portfolios. These reports are being prepared by Chief Valuation Officer Mark Melikian, who has been appraising real estate since 1987.
“Mark is an industry veteran with a great deal of experience and I’m very pleased that he has taken on the development of this new report,” Summit Valuations President Ron Ahlensdorf, Jr. said in a press release.
In its inaugural report, Summit Valuations provides data made public by the government, the National Association of Realtors and Freddie Mac. According to the data, the median sales price, number of homes sold, pending sales and mortgage interest rates all rose in December 2015.
“Our industry is very fortunate to have access to some very good data about the markets in which we work,” Melikian said in the press release. “Typically one has to search several sources to access this data. Our new report is an attempt to filter some of the information in the marketplace into a report that will make it easier for the companies we partner with to make good decisions. A bit of analysis added to each report will provide our take on the data.”
It has been reported that the number of days to close loans increased in the wake of the TILA-RESPA Integrated Disclosure (TRID) requirements. The data in Summit Valuations reports suggest that longer timelines likely contributed to the drop in the number of homes sold in November 2015. The new TRID rules likely delayed some closings in November and pushed some loans to close in late September, according to the release.
Melikian expects this to ease over time as the lending industry adapts to the new process.