Market Analysis: What’s In A Name?

*What’s In A Name?*
**By Tony Garritano**

***Your name is important. This is a small industry. Your reputation is everything. I’ve always felt like my role was to further the cause of automation and I hope that I’ve done my part to express that to my readers, my industry contacts and my friends. I’m passionate about that and I think people know that about me. I care. I’m not here to slander people, I’m here to advance a cause and bring about industry change. So, when people say Tony Garritano, I hope my name means something positive. I hope my name aligns with my vision. The same is true for service providers active in the mortgage space today. For example, Coester Appraisal Group, a nationwide provider of appraisal management technology and services, has changed its name to CoesterVMS. The new name was selected to better brand the company’s new, expanded line of valuation management services, which includes an “assisted self-service” option, in which CoesterVMS provides appraisal management services in addition to managing the lender’s appraiser panel. Here’s the scoop:

****CoesterVMS provides three distinct options for managing the appraisal process:

****>> Full-service appraisal management provided by Coester Appraisal Group, a nationwide appraisal management company (AMC)

****>> In-house appraisal management with Cloud Control, Coester’s zero-cost “do-it-yourself” appraisal management technology, the only appraisal solution to be built on the Salesforce.com platform

****>> “Assisted self-serve” appraisal management, the industry’s first and only hybrid service that allows lenders to use Coester’s AMC, while also having CoesterVMS manage the lender’s appraisal panel.

****Regardless of the option selected, CoesterVMS ensures lenders 100% compliance with all regulations, guidelines, blacklists and more.

****Until CoesterVMS, lenders had only two choices for managing appraisals—outsourcing appraisal management to an AMC or using an appraisal management technology to manage the appraisal process in-house. The all-new assisted self-serve option allows lenders to use Coester’s appraisal management services in conjunction with their own appraiser panels—and have Coester manage the entire process, including management of the lender’s appraisal panel.

****“We’re changing the way that the mortgage industry handles appraisals,” said Brian Coester, CEO of CoesterVMS. “Lenders need ways to stay compliant without upsetting their ecosystems or their budgets. No one was addressing their needs, so we stepped up to the plate. Until the assisted self-serve option, no AMC would manage a lender’s appraiser panel. Until Cloud Control, no appraisal management technology was configurable to the user level, and no appraisal technology was 100% free. These advances might upset our competition, but we’re just giving lenders what they’re asking for.”

****The primary differences between the CoesterVMS’ full service AMC option and the assisted self-serve option are: (1) lenders using assisted self-serve receive status updates and correspondence through their appraisal management technologies rather than through a dedicated Coester account representative, and (2) lenders using full service delegate all appraisal process functions to Coester, from initial appraisal request through fully compliant UCDP delivery, and are assigned an account representative from whom they can get information on appraisal related issues, questions or updates.

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.