CoesterVMS Inc., a nationwide appraisal management company officially stated that despite some problems with its primary lender, none of its bank accounts are currently frozen and any monies temporarily held up by FVC Bank now have been returned in full to the company, the company announced in a release.
The company said reports to the contrary by regulatory agencies and or the press are mistaken.
“It’s business as usual here” CoesterVMS founder and President Brian Coester told Valuation Review in an emailed statement. “We are working with our lender to develop a long-term solution to some short-term business problems caused by the down turn in the residential real estate market.”
CoesterVMS’ primary lender is FVC bank. The company stresses that it is open and paying appraisers via LIVE Program, while it is accepting new orders and is paying appraisers currently for appraisals ordered via its LIVE next day payment plan, the release said.
Since September, CoesterVMS has been operating under its proprietary new LIVE next day payment program to which it escrows credit card payment for appraisal orders upfront and provides payment to the appraiser within 24 hours of completion of the appraisal. Coester is making arrangements to pay their appraisers on the LIVE system whose payments were held up.
“You can work with us with confidence” Coester said.