CoesterVMS Introduces CFPB Suite

Posted by Orb Staff on April 15, 2013 No Comments
Categories : FYI

13650_brian-coester_86565 CoesterVMS Introduces CFPB Suite CoesterVMS, a Rockville, Md.-based nationwide appraisal management company, has launched its CFPB Suite, a Web-accessible compliance program that allows lenders to verify compliance with all third-party regulations set forth by the Consumer Financial Protection Bureau (CFPB) every time an appraisal is done.

According to the company, the CFPB Suite is powered by a proprietary technology that logs, files and sorts all CoesterVMS' compliance-related activities for every third-party regulation, from appraiser independence and appraiser selection requirements, to mandates for customary and reasonable fees and current state licensing laws. CoesterVMS customers can access that information, verifying compliance on any third party regulation on a per loan basis, via their own CoesterVMS.com client pages. The CFPB Suite also provides supporting information for each regulation, so lenders know the steps CoesterVMS took to stay compliant.  Â

‘Using a third-party service provider can be a lender's best decision for specialized services like appraisal management, but engaging the wrong provider exposes them to unnecessary risk,’ says CoesterVMS CEO Brian Coester (pictured left). ‘The CFPB has stated that it expects lenders to do their due diligence on the service providers it engages. The CFPB Suite allows lenders to find out the actual steps CoesterVMS took to ensure compliance with every CFPB third-party regulation that could possibly be considered their responsibility. We're making that due diligence easy.’

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