CoesterVMS Files For Patent For Appraisal Fee Calculator

Posted by Patrick Barnard on June 27, 2016 No Comments
Categories : Residential Mortgage

National appraisal management company CoesterVMS reports that it has filed for a U.S. patent for its appraisal fee disclosure calculator, which provides quotes for appraisal fees.

The calculator saves mortgage lenders time and money by assisting them with compliance with Dodd-Frank Customary and Reasonable fee calculations.

CoesterVMS developed the calculator to help loan officers meet the requirements of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule, as well as the Dodd-Frank Customary and Reasonable fee payment requirements under federal and state law.

The calculator helps eliminate the back and forth on appraiser fee data, the company says in a release. The quote estimate includes multiple factors, such as the customary and reasonable appraiser fee for a selected valuation product in a property market, finished square footage, lot size, and complexity of the file.

“We have several data service providers that use our calculator already for customary and reasonable fee calculation, and that is the reason why we are filing for a patent,” reports Brian Coester, CEO of CoesterVMS. “The industry needs tools such as our disclosure calculator for compliance and to ensure that valuation fees are not a surprise. Ultimately, every lender and appraisal management company will need the ability to quote an exact fee, and we are glad to be the first company to offer this to the industry.”

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