CoesterVMS, a national appraisal management company, has launched a nationwide fully automated proprietary residential real estate Disclosure calculator available for lenders, brokers and wholesalers via its website, and web services, the company announced in a release.
CoesterVMS’ proprietary systems calculate quotes with 98 percent accuracy based on the recent fee data for the product and market, along with specific characteristics of the subject property, the release stated.
“All we need is an address and a product. Regardless of the complexity or simplicity of the appraisal needed our calculator ensures the lender discloses to the borrower upfront the exact appraisal fee the first time,” CoesterVMS CEO Brian Coester said.
The calculator is available via CoesterVMS’ Cloud Control interface as well as via web services.
“We're seeing an increasing number of wholesalers allow their brokers to create their own loan estimate. The implementation of our calculator across varying mediums allows originators at all levels to eliminate all appraisal fee defects,” CoesterVMS VP of Business Development Jacob Guertin said.
“We used to have problems with fee increases and delays associated with inaccurate quotes or complex files that the other appraisal management companies were unaware of until days after ordering the appraisal. Once we implemented the CoesterVMS quote system we got an instant quote upfront that our loan officers are able to show the borrower, and they 100 percent guarantee the fee,” CoesterVMS Residential Home Funding Regional Manager Paul Johnson said.