George Mason Mortgage Ends Coester Appraisal Management Beta Test
George Mason Mortgage going back to Mercury Network
On Thursdsay August 18, 2016, two days after we published the post titled “Coester Allegedly Engaged in Fraud Sued by Former Senior VP“, George Mason Mortgage LLC (GMM) emailed its GMM Appraisal Partners announcing GMM Transition for Appraisal Technology. Based on this announcement, George Mason Mortgage is going back to Mercury Network effective Monday, August 22, 2016.
Be sure too look at their fee schedule below.
Thank you to each of our valued Appraisal Partners who participated in the George Mason Mortgage (GMM) Appraisal Management Beta Test. After evaluating six months of performance metrics and branch feedback for Coester VMS, GMM will be exploring alternative solutions for Appraisal Management Technology in addition to leveraging Coester VMS services for a few branches.
What this means for your participation in the Appraisal ordering process at GMM is that effective Monday, August 22, 2016, all new Appraisal Orders will be conducted via the Mercury Appraisal portal in addition to the following:
- Existing orders outstanding via Coester will need to be completed and processed through the Coester VMS Integration.
- GMM SLA Agreements will go into effect including the GMM Standardized Appraisal Fee Matrix listed below.
|Sales Price / Estimated Value|
|<$500K||$500K-$999,999K||$1M & over|
|FHA Single Family||$450||$475||N/A|
|Desk Review/Drive-By Exterior Only||$200||$200||$200|
|‘Add On” Charges|
|Multiunit (regardless of occupancy)||$200||$200||$200|
|Construction Dept/ C to P||$100||$100||$100|
We appreciate your cooperation and attention in this matter.