Coester Appraisal Group launched the Cloud Control Compliance Center, a new tool that lenders can use to ensure compliance with all major industry regulations, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, Truth in Lending Act, and more.
Cloud Control Compliance Center, which can be customized based on the specific information a lender needs, enables lenders to verify appraisal compliance and print out a comprehensive compliance report with just a click or two. The Compliance Center’s comprehensive findings provide all the documentation lenders need in the case of an audit. Lenders can see exactly how each appraisal report measures up to new and existing industry requirements, such as customary and reasonable appraiser fees, technology issues like SAS Type II 70 control standards and appraisal independence requirements.
Lenders can also use the Compliance Center to view appraisal contracts; to audit and remove appraisers; check the license status or possible disciplinary actions of individual appraisers; ensure their specific policies and procedures like TILA triggers and value reconsiderations are being followed; and much more. Compliance Center’s findings also include recent value reconsiderations as well as access very detailed information about every appraisal order, down to the comments, order date, the payment amount and when it was processed for TILA purposes.
Despite their complexity, Compliance Center’s reports are easy to access and easy to understand. They’re accessible via an on-screen view that can be easily downloaded in PDF format and in printed form within Cloud Control’s cData report.
“With all the different regulations lenders are facing, proving appraisal compliance has been extraordinarily difficult, but we’ve managed to make it easy,” said Brian Coester, chief executive officer of Coester Appraisal Group. “Our Compliance Center provides everything lenders need to stay compliant in their appraisal relationships and their orders – nothing is left to guesswork. Lenders simply select what they want to know about an appraisal, click the print command, and they’re done.”
The Compliance Center is accessible through Cloud Control, Coester Appraisal Group’s revolutionary new appraisal management technology and the only appraisal management software built on the award-wining platform of Salesforce.com. Launched in March of this year, Cloud Control offers lenders unlimited customization in managing appraisal orders and services while creating sales and marketing rules that can help them become more efficient, stay compliant and generate new business.