Lenders can protect themselves on all CFPB third party regulations with self-serve online verification of compliance
ROCKVILLE, MD (April 15, 2013) - CoesterVMS, a 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 CFPB (Consumer Financial Protection Bureau), every time an appraisal is done.
CoesterVMS’ 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.
Coester 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 provides more than a yes/no response to its compliance checklist. It also provides supporting information for each regulation, so lenders know the steps CoesterVMS took to stay compliant.
In April 2012, the CFPB announced that it may hold lenders responsible for third party providers used by the bank that fail to comply with federal consumer financial law. In an April 13, 2012 bulletin, the CFPB stated that it not only expects lenders to have an effective process for managing the risks of service provider relationships, but it also has the authority to obtain reports from lenders and examine them for compliance with any applicable laws.
“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,” said CoesterVMS CEO Brian Coester, who has appeared on CNBC and ABC-7’s Washington Business Report to discuss CFPB regulations. “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.”
About CoesterVMS
CoesterVMS is a nationwide appraisal management company that specializes in providing comprehensive management of appraisal operations for mortgage lenders. CoesterVMS’ in-house appraisal management solution combines the best service with the most advanced technology on the market. CoesterVMS guarantees all appraisal reports to fully comply with all regulations and guidelines. The company’s Cloud Control appraisal management technology is the only software of its kind to be built on the award-winning Salesforce.com platform, and its “Coester-Mer” service is earning the company a reputation for the best customer service in the industry. Headquartered in Rockville, Maryland, CoesterVMS was founded as a local appraisal company and has since grown to a formidable nationwide force in the appraisal management segment. For more information please visit CoesterVMS online at www.CoesterVMS.com.