“Timothy Coester is
one of the most
highly respected real
estate appraaisers in
the washington D.C.
area and has a
reputation for training
quaality appraissers”
Coester Appraisal Group, a nationwide appraisal management company (AMC), announces that CEO and appraisal expert Brian Coester has been commissioned by AllRegs, a leading information provider for the mortgage lending industry, to create instruction manuals, video tutorials and classroom training programs for lenders. These educational materials will serve to educate lenders on how to protect themselves against repurchase requests based on erroneous assessments of the loan file’s appraisal.
Repurchase requests, also known as “buyback letters,” are given to lenders, correspondents, brokers or other loan originators by purchasers like lenders, GSEs or investors, when a loan is found to be faulty, noncompliant or otherwise substandard. According to Coester, discrepancies in appraisals account for roughly 15 percent of all repurchase requests. Once a buyback letter is received, the recipient is under obligation to repurchase the loan in question – often hundreds of thousands of dollars, if not more – unless it can prove that it is not responsible for the discrepancy.
Coester, who is an expert at successfully rebutting repurchase requests that are erroneously based on appraisal discrepancies, will be addressing the specific steps that the recipient of a buyback letter can take to determine the validity of the claims, and successfully refute them if inaccurate.
“Repurchase requests that are based on faulty or erroneous appraisals are often built on misunderstandings,” says Coester. “But because many lenders don’t know how to appropriately respond to the request, they end up repurchasing the loan, even though they’re not at fault. As with any process, there are certain processes and procedures that greatly enhance a lender’s chance of successfully refuting the request. I’m happy to share my expertise and help lenders to protect themselves from unnecessary penalties.”
The manuals, video tutorials and classes will be available at a future date to be determined.
About Coester Appraisal Group:
Coester Appraisal Group is a nationwide appraisal management company specializing in high quality appraisal reports that comply with all industry guidelines and regulations. The company is headquartered in Rockville, Maryland and was founded in 1970 as a local appraisal company. The company has since grown to a formidable force in the appraisal management segment, and has access to a qualified network of 100,000 certified appraisers in 50 states. For more information please visit Coester Appraisal Group online at www.CoesterAppraisals.com.
Coester Appraisal Group is excited to announce a full three level integration with Real EC technologies. The integration which was several months in the making was spearheaded by our industry partners at Global DMS who handled the integration. This announcement came at a perfect time since FHA has recently adopted the HVCC and electronic portals like Real EC are becoming more and more popular. The integration put Coester among an elite group of 10 or so national AMC's to do a full 3 level integration.
Coester Appraisal Group has announced its sponsorship in Vernon Davis's "Curling with the Stars" event to be held in San Fransico, CA on July 21, 2010. The event which is to raise money for Vernon's art scholarship fund is going to be a fun filled event and notables such as Jerry Rice will be in attendance.
Coester Appraisal Group, a nationwide appraisal management company (AMC), has launched ValueSafe, an all new pricing program that enables residential mortgage lenders to “piggy back” a full appraisal onto a previously ordered desk appraisal, with all original fees paid being credited toward the full appraisal price. ValuSafe, which is currently available to Coester Appraisal Group’s customers, offers lenders and servicers a cost-protected way to take the first step in determining whether a full appraisal will be necessary on a given transaction.
Factors like a tenuous housing market, falling property values and heightened scrutiny of whole loan pools and portfolios have led to an increase in lenders’ and servicers’ use of alternative valuation methods, which save time and costs when a full appraisal is not yet necessary. Like traditional full appraisals, desk appraisals are completed by a local licensed or certified appraiser based on the same logic as a traditional full appraisal but only without the full information of the condition of the subject. A traditional appraisal, however, includes a full interior and exterior inspection of the property], while a desk appraisal does not.
“Many lenders and servicers recognize desktop appraisals as a reliable, cost-effective alternative to a full traditional appraisal,” says Brian Coester, CEO of Coester Appraisal Group. “The issue arises when a full appraisal is needed on that same subject property, after a desktop appraisal has been completed. Most AMCs would charge the client for the full appraisal on top of fees they’ve already paid, which seems like they’re penalizing their customers for being diligent in their efforts to transact quality loans. At Coester, we believe that any effort to ensure quality should be supported, not undermined. That’s why we created the ValuSafe pricing structure.”
With ValueSafe, lenders and servicers can order and receive a desktop appraisal report, then decide to upgrade that valuation into a full appraisal, and they’ll never lose any time or money invested into the original desktop appraisal. Funds paid for the desktop appraisal are applied toward the full appraisal since much of the research, if still current and appropriate, can be utilized in the final appraisal report.
“ValueSafe has been the big rave among our lender beta testers—they couldn’t imagine getting a quick accurate valuation by a local certified appraiser and not having to worry about paying double if they needed a full appraisal,” says Coester. “At Coester, our focus is on bringing value to our clients and the industry. We’re fortunate to have a team of very talented professionals, so thinking outside the box is completely natural for us. While other AMCs are still struggling with the status quo, we’ll continue to introduce innovative solutions. ValueSafe is a prime example of a solution that benefits the lender, borrower and appraisal industry. We’re excited to be helping to rebuild trust for appraisal management companies among the lending community.”
About Coester Appraisal Group:
Coester Appraisal Group is a nationwide appraisal management company specializing in high quality appraisal reports that comply with all industry guidelines and regulations, including HVCC, FHA Appraiser Independence and Fannie Mae’s Collateral Data Delivery initiative. The company is headquartered in Gaithersburg, Maryland and was founded in 1970 as a local appraisal company. The company has since grown to a formidable force in the appraisal management segment, and has access to a qualified network of 100,000 certified appraisers in 50 states. For more information please visit Coester Appraisal Group online at www.CoesterAppraisals.com
Brian Coester the CEO of Coester Appraisal Group was featured in a two page article in the November 2009 issue of the Scotsman Guide. The article explained the best practices for working with an AMC from brokers prospective and offered first hand industry knowledge and insight. Read Article Scotsman Guide
Coester Appraisal Group is pleased to announce an early release of its HVCC compliant vendor management platform specifically targeted towards upcoming changes effective Jan, 1 2010 when FHA adopts the HVCC. CEO Brian Coester was quoted as saying "FHA is over 60% of lending today. With the adoption of the HVCC, it is imperative the lending community receives the same level of customer service our clients are accustomed to.” The firm, who specializes in national real estate appraisal services, assists clients of all sizes with a custom appraisal management portal giving them the ability to effectively monitor their appraisal process without getting involved in the day-to-day tasks. The new platform will automatically route the appraiser’s license information to the lender’s appropriate staff member to pull the case number after assignment. This ensures a proper protocol for FHA and safeguards that no undue influence is placed on the appraiser, which can occur when the loan origination staff is notified of who the appraiser is. Other changes include FHA specific review criteria from their state of the art MARS review technology, as well as a custom web portal for clients who want a "branded" feel to their appraisal management.
This was done as apart of our continue commitment to service the industry and stay in touch with the latest industry news.
TAVMA is a 501(c)(6) non-profit trade association headquartered in Pittsburgh, PA that represents nearly 100 companies engaged in the real estate settlement services industry.
The windy city will be the host to over 1,000 bankers, hedge fund managers, and service companies all seeking to get the most up to date information and industry news. Coester Appraisal Group will be attending to gain the edge on the industry to service you better and meet a lot of out clients face to face.
Due to such a positive feedback from our monthly newsletter the "AppraisalNEWSCAST" we have launched a fully functional website to enable better access, instant feedback as well as a cleaner format and delivery. You can visit the site at www.appraisalNEWCAST.com please look for weekly updates and news. We are also looking for writers so please feel free to send us your story.
Brian King to the team at CAG. Brian brings a wealth of knowledge and experience and has came aboard in apart of our continual commitment to service our clients and service the real estate community as a whole.
GAITHERSBURG, Md., Aug. 11 /PRNewswire/ -- Coester Appraisal Group today announced they have been selected by Gateway Bank, F.S.B. as an approved appraisal management company for its mortgage loan origination business.
Coester Appraisal Group is a national provider of property valuation products and services. Within the appraisal management relationship, Coester Appraisal Group will provide the efficiencies of a back-end platform, technology and expertise while ensuring compliance with regulators, investors and the Home Valuation Code of Conduct.
"Coester Appraisal Group is excited to have Gateway join our growing list of lender clients," stated Brian King, National Sales Director. "We look forward to providing exceptional quality, timely and hands-on service to which our clients have discovered and grown accustomed."
Coester employees will perform appraisal ordering, tracking, quality control, conditions management, and appraiser surveillance for Gateway.
October 10 - 14th in San Diego California, Coester Appraisal Group will be attending the the 96th Annual Mortgage Bankers Association Conference and Expo.
Those designated to make the trip are CEO, Brian Coester, VP John Coester, NSD Brian King , Director of Operations Crystal Witherspoon and senior Advisor Andy Jaymes.
For those attending please the conference please visit us at both 222, right next to the MBA's Booth. If you would like to set-up a meeting please e-mail sales@coesterappraisals.com For More Information
9/18/2009 - 9/20/2009 Atlantic City, NJ Coester Appraisal Group exhibits at the New Jersey Credit Union League Conference. The conference which was at the Trump Taj Mahal was considered a success as CEO Brian Coester, National Sales Director Brian King and President John Coester spoke with all of the key members of the New Jersey Credit Union community.
Acacia FSB Approves Coester Appraisal for appraisal services. As apart of Acacia growth plan, we are excited about new opportunities and our companies growing together.
Coester Group President Brian Coester launches Coester Appraisal Group as a link to provide key thoughts and insights to market activity and insights in the appraisal industry. You can visit the blog at http://coesterappraisal.blogspot.com
Eagle Bank and Eagle Nationwide Mortgage Company choose Coester Appraisal as one of several national vendors to be provide national appraisal and review services.
Eagle Nationwide Mortgage Company, headquarters out of Chadds Ford PA supports a net branch operation with over 150 office nationwide is a great company to work and we look forward to a long term relationship.
Allied Mortgage Capital Corporation Approves Coester Appraisal Group as one of several national vendors to provide nationwide appraisal and review services.
Allied Mortgage one of the nations largest lenders has great management and is it our honor and privilege to serve them.
