Gaithersburg, MD -- (SBWire) -- 06/18/2010 -- 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. ValueSafe, 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 and are based on the same logic as a traditional full appraisal. 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 ValueSafe 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 http://www.CoesterAppraisals.com
Contact:
Brian Coester
Coester Appraisal Group
Gaithersburg, MD
(888) 485 - 1999 ext 2
Bking@coesterappraisals.com
http://www.coesterappraisals.com
http://www.appraisalnewscast.com
http://www.twitter.com/bcoester
Coester Appraisal Group Launches ValueSafe, an All New, High-Value Pricing Structure
Company credits cost of desk appraisal when full appraisal on subject property is ordered.