CoesterVMS, a nationwide provider of appraisal management and technology, has launched its Appraisal Intelligent Review (AIR) system for the lending and appraisal industries.
AIR is designed to give lenders and appraisers quality control, analytics and compliance tools to meet the newest industry guidelines.
Specifically, AIR helps lenders and appraisers with the general appraisal requirements for Fannie Mae and FHA and assists with lender, investor and property-specific overlays, all from one end-to-end system built by CoesterVMS’ research and development team.
“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 walks them through a customized review process that’s very user-friendly and requires almost no training,” CoesterVMS CEO Brian Coester said. “The system is also fully scalable to any bank, investor, state-specific or lender requirement, and will be much more detailed than most quality control systems available on the market today.
“AIR also incorporates findings from Fannie Mae’s new Collateral Underwriter, so it is one holistic system for quality control and, frankly, the only tool any lender or appraiser will need for a comprehensive compliance and vendor management system,” Coester added.
CoesterVMS is the first appraisal management company to offer system access to appraisers directly. This is an effort to give the appraisal community an advantage when working with various lenders and investors, the company said. AIR ensures the scope of work and specific lender and investors requirements are met before the report is sent to the appraisal management company, and ultimately, 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 California-based First Mortgage Corp. “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.”
AIR is available for all CoesterVMS customers and vendors.