CoesterVMS Surety Bond Cancelled

VaCAP Board

VaCAP Board

Coalition of Appraisers in Virginia at Virginia Coalition of Appraiser Professionals
Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.
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CoesterVMS Surety Bond CancelledVaCAP has been forwarded an email from the North Carolina Appraisal Board stating the Surety Bond for Coester VMS has been cancelled.

We have not heard anything from Virginia or any other state, but will update you as new developments arise.

From: NCAppraisal Board ncappraisalboard@ncab.org
Sent: Monday, November 26, 2018 11:24 AM
Subject: Bond Claims against CoesterVMSThe surety bond holder for CoesterVMS, IFIC, has notified the Appraisal Board that Coester requested the bond to be cancelled. The effective date of the cancellation is February 16, 2019.The bond number is TXIFSU0633863. A scan of the original bond is attached. Note that continuation bonds were submitted each year with CoesterVMS’ renewal.

The bond limit is $25,000. Once this is reached no further claims will be paid. If you have unpaid invoices from CoesterVMS, you can file a claim with the bond at ificclaims@ific.com.

Or, send a letter to:
The IFIC Surety Group
One Newark Center
20th Floor
Newark NJ 07102
Attn: Claims Department
Phone: 1 800.333.4167

If you have any questions, contact Roberta Ouellette at Roberta@ncab.org

Coester surety bond

Image credit flickr - Phil
VaCAP Board

VaCAP Board

Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.

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9 Responses

  1. Retired Appraiser Retired Appraiser says:

    I want a front row seat if they hang Brian Coester.

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  2. Bill Johnson says:

    What goes up, must come down, as in HousingWire calling Brian Coaster a Rising Star (2016 ?), but instead he’s become a falling star.

    Seek the truth.

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  3. Johnny Q says:

    Never accepted any assignments from Coester, their pay was a pittance and their requirements many. Sorry for any colleagues who may be left hung to dry.

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  4. chris says:

    I did one job for them over 12 years ago, only because I was going to be right next door, they continue to call me for a year, and every time I told them I wasn’t interested because I was making so much more money on my own, they always replied but we have to make ours. And I told them every time, not at my expense !!!.

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  5. $25,000 Surety Bond!!!!!!!!!!!!!!!

    Are they serious? Anyone here have E&O insurance that low?

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    • Baggins Baggins says:

      Is there established tables for surety bonds? It does not seem logical that a company whom can at any time, be tasked with millions of dollars of payments, would have surety bonds that low.

      It appears that one state set an unusually low bond level, and everyone else just followed without any analysis…

      Now I’m getting a slew of calls from collection agencies, trying to get me to sign up with them. Word is getting around…

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  6. Don says:

    Coester is not answering any of their phone numbers or extensions! This does not appear to be a company that is not going out of business per Bryan Coester!

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  7. Steve says:

    It costs money to answer the phone and since they have no money they aren’t going to answer. It seems that they never really had money and relied solely upon their customers to pay them before they could pay appraisers. There is no rule for when a lender has to pay an AMC, only for when AMCs have to pay appraisers. It’s only a matter of time before the money coming in is less than the money that needs to paid out.

    There’s no way for them to recover at this point and probably no reason to as they’ve most likely lost their customers and all of their suppliers. I can’t think of any reason why anyone would ever trust them again.

    I don’t think they ever intended on paying appraisers, and the not going out of business quote was just to hold off the appraisers so that employees could be paid first with whatever money is left.

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CoesterVMS Surety Bond Cancelled

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