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“Timothy Coester is one of the most highly respected real estate appraisers in the washington D.C. area and has a reputation for training quality appraisers”
AllRegs hires Coester to create Educational class
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.
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Jeri Yoshida
Strategic Vantage Marketing & Public Relations
(310) 396-8813
JeriYoshida@StrategicVantage.com