Comments on: CoesterVMS Flat Fee Appraisal Structure Controversy

By: Mike Ford CA AG, SCREA, AGA, GAA, RAA

Mike Ford CA AG, SCREA, AGA, GAA, RAA — Wed, 19 Aug 2015 02:32:02 +0000

Readers should go to Coester VMS – Consent Orders and Order Memorandum

It lists five states here they have had “difficulties” in ranging from consent orders to fines for various violations. I personally have no care about these guys one way or the other. They are not in California as far as I know.

What I DO care about is whatever system is in place for GSEs that allows them to select a company with a record like this one has in the first place! Is it a kickback metric? Dart board? Lowest gross fee to the lender for combined AMC/Appraiser fees? Ouija Board? How are they allowed to do HUD (FHA) work?

Do State and Federal Regulators never read blogs or act on their own because it is the right thing to do?

FDIC! If they did over 11,000 appraisals in Virginia last year (licensed?); and they are only in five states total with similar numbers, that could be 50,000+ potentially suspect appraisals in the system!

I read the webpage for their company. Funny how they show the familial appraiser experience in such a positive light in view of the above article. Now THAT’s real spin!

By: Appraiser morons

Appraiser morons — Wed, 19 Nov 2014 16:59:56 +0000

They don’t need to be. There is no enforcement.

By: Daniel Drelich

Daniel Drelich — Thu, 17 Jan 2013 04:47:42 +0000

Is the $450 fee what Coestar is charging the lender? If so, there simply may not be adequate fees remaining for the appraiser in some areas of the country. Has Coestar studied and understood Presumptions One and Two of Dodd-Frank (Appraiser Independence section)? One presumption requires studies that would support appraisal fees. The other presumption speaks to experience, complexity of assignment, etc. Doesn’t look like Coestar will be in compliance either way.