National appraisal management company CoesterVMS today announced the release of a new compliance tool for lenders and appraisers.
The tool, Appraisal Intelligent Review—or “AIR” for short—integrates with CoesterVMS’s existing system to help lenders and appraisers with appraisal requirements through Fannie Mae and the Federal Housing Administration.
“It walks lenders step by step through the appraisal process and tells them what was wrong with the report, what we did to address it, what the appraiser did to address it as well as walk them through a customized review process that’s very user friendly and requires almost no training,” says Brian Coester, CEO of CoesterVMS.
The tool also incorporates findings of Fannie Mae’s Collateral Underwriter; a feature CoesterVMS says provides additional value as a one-stop resource.
AIR’s goal is to ensure specific lender and investor requirements are met before the appraisal report is sent to the appraisal management company and then the lender.
“CoesterVMS has always had a great system and built technology that we really need as a lender,” said Saudia Casper, director of quality control at First Mortgage, Ontario, Calif. and a CoesterVMS client. “AIR is something that we couldn’t be more excited about as a customer as it will really help us maintain a full-spectrum quality control system.”
Written by Elizabeth Ecker
