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Coest2Coest Episode #6 – Jared Preisler from DataMasters

February 26th, 2018

This episode of Coest2Coest we sat down with Jared Preisler from DataMasters.

We discussed:

We also got a sneak peek into the various function DataMasters provides for appraisers and the appraisal community. Click here for the full episode of Coest2Coest with Brian Coester.

3 Approaches to Valuation:

  • The sales comparison approach is the foundation for the real estate professional’s CMA, Comparative Market Analysis.
  • The cost approach is a real estate valuation method that surmises that the price a buyer should pay for a piece of property should equal the cost to build an equivalent building. In cost approach appraisal, the market price for the property is equal to the cost of land plus cost of construction, less depreciation.
  • The Income Approach is one of three major groups of methodologies, called valuation approaches, used by appraisers. It is particularly prevalent in commercial real estate appraisal and business appraisal. The fundamental math is similar to the methods used for financial valuation, securities analysis, or bond pricing.

About Jared Preisler:

Jared Preisler is an entertaining, dynamic and knowledgeable speaker that never fails to deliver. A combination of years of real estate experience as an appraiser, realtor, and investor, coupled together with a ‘No BS’ attitude to getting things done, Jared is as energetic on stage, as he is empathetic towards realtors and other real estate professionals in general. He is the CEO of J. Leland & Company which has been serving the greater Wasatch Front since 1996. They provide accurate, objective analysis, professional service, and communication at reasonable rates. Services include: current, prospective and retrospective valuation of residential properties, vacant land and building lots for use in Estate and tax settlement, Primary and Secondary Lending markets, FHA, Divorce, Bankruptcy, Investment. We also provide consulting and litigation support. Education and training DataMasteUSA.com has over thirty years’ experience creating appraisal software for the real estate industry. Our revolutionary system helps real estate appraisers save both time and money by completing real estate appraisal forms quickly and easily — without mistakes.

About Coest2Coest:

Coest2Coest is the weekly live broadcast with Brian Coester and Fritz Schaper, discussing all things with all people! See you in the Lions Dens Fridays at 2:00 pm EST! Please Subscribe to the Youtube Channel and Catch the full episodes and clips.

#Coest2Coest, #RealEstate , #business #business #BrianCoester, #FritzSchaper, #MortgageIndustry, #BrianCoesterCEO, #BrianCoesterAMC, #BrianCoesterAppraiser, #CoesterVMS, #MortgageLoans, #LoanOrigination, #MortgageCompanies, #AppraisalCompanies, #Appraisal management companies, #Coester, Brian #Coester Podcast, #Brian Coester Real Estate,

 

Transcript Below: Talk About Market Conditions in 2018 Coest2Coest Clip 1 – Jared Priesler and Brian Coester

Jared Priesler and Brian Coester – Coest2Coest Automated Transcript

 Jared:                                  00:00

 

There is some fear of interest rates going up, and you know, it’s those impact, most, most of the buyers. There are qualifications contingent on interest rate and that that could affect, especially later towards the end of the year. The other exciting trend, not necessarily a market trend, but we’re starting to get a lot of questions about bifurcated reports, about somebody else doing the inspection company and then the appraiser doing some desktop. You know, we get invited to be on a lot of different panels. We have appraisers that participate in a lot of events, and they’ll call us to see what our take is on that.  The market’s been good for awhile. As a lender, I think investors are getting more comfortable with, with something a little bit less than a full 1004. As the market changes that might change too.

Brian:                                  01:04

Got it, I remember back in the eighties, GE (General Electric), was trying to do this. But there’s a difference with FNMA (Fannie Mae) trying to do it, it’s a little different, right? Because it’s not, it’s an independent company.

My personal opinion in regards to the home inspection companies going to inspect the house and the appraiser’s not going to the house. I mean, what they’re really talking about is the old trainee model. Most appraisers had two or three trainees that were run out there doing inspections, and he was, either writing up the report, assisting the write up of the report and supervising it.  And that’s where this sort of hybrid approach is coming from.

Brian: And I’m just thinking to myself like, is it more practical, as an AMC, let’s just say for us to go and hire some home inspector or some real estate agent or some certified inspector to go out and inspect this property.  And then have us assign it to an appraiser to write it up or more practical for the appraiser to have a local trainee going out there doing the inspection and then turning it in after the appraiser reviews it? A lot of independent companies have designed a new form, and they got the desktop form, but other than in the secondary market, I don’t know if anybody’s using. Other than a default servicing or REO situation. Even the companies and banks that we know that do home equity lines of credit, they get Drive-By of Full 1004 appraisals still, you know?

 

Jared: 03:15

Yeah. I’m not sure. I know that there’s a, there’s a group that is doing the home inspection where it’s a non- trained valuation professional that’s doing the inspection side. I know that in there, I don’t know what they’re using those for those reports. So I used to have a home inspection company. One of the things I would be concerned about is what looks average to the home inspector might be very different than what’s average for the appraiser and indeed what’s a C4 or C3, to Fannie and Freddie and, and where, how do you, how do you determine what that, that connection is and the consistency we’re being held to a consistency standard that home inspector might not wondering. You might say, hey, this is average condition. I’m in a neighborhood of, of, you know, $500,000 houses and granite countertops is very average and the next time he’s in a $200,000 neighborhood and Formica countertops are very typical and says, Yup, that’s average for this area also. So the appraiser gets that and sees, oh, average, and now we’re very different.

 

Brian:04:41      

Yeah. And, and I think to that point, so appraisers average, uh, it’s, it’s one of the things, I mean, you see Moody’s a report that they downgraded

 

Jared: 04:51 

a headline for it. I didn’t, I didn’t have a chance yet to dig into the report, but yeah, I saw that headline.

 

Brian: 04:57

Yeah. And so, I mean, the, the gist of it is, is, is Moody’s is, came out and said there’s additional risk associated with nonappraisal based on the alternative evaluation. I mean, that’s the gist of it, right? Which I think everyone would agree with. Um, and it’s interesting because it’s, you know, personally, right? Like when you think about, you know, am, right? So that’s one end of the spectrum, right? And then you’ve got the full appraisal, which is the, the, the, the, the other end of the spectrum, the desktop version. And desktop appraisal is a nice, let’s say, median, right?

 

Jared: 05:40

And by the way, leave populate those desktop forums. If you got an appraiser out there, this hates typing those in a call us, we can help them customize those forums as well.

 

Brian: 05:54

No, I think everyone, I think every shameless plug. Exactly, exactly. Hey, I was actually going to say that, but I didn’t, I didn’t want to say that. Hey. So yeah, exactly, exactly. But then there’s no issue with that. I mean it’s, it’s, it’s, there’s a huge benefit to it. And I think, I think there is something where I’m the desktop full and let’s say Avm, there is a need for like, like just common sense would say there is a need for alternative products, right? Like the [inaudible] and just-just having the [inaudible] just like when you just think, forget about appraisal valuation of collateral, right? Like the appraiser side is just wanting the idea of just having an arm and full appraisal, widely used is not really practical, right? The idea of saying, okay there’s arm, and then you’ll have your desktop valuation, and then you’ll have your full appraisal.

Speaker 2: 06:51 

And then the desktop valuation with um, some sort of inspection is, is a safer bet. But then the full appraiser, a getting the appraiser to go out there and do it himself. His is the most kind of, let’s say I’m the safest, most accurate bat. And I just wonder. So it’s the kind of like paper, right? So when, when, when the computers came out, let’s say the 19 [inaudible], when I went back in the seventies, I remember this when the computers came out, um, you know, everyone thought the paper was going to go away, right? But it actually, the reverse happened. Now it’s starting to get paperless. But the reverse happened. I mean, they had paper for everything. Everything needed a printer and a cop. And by the way, we’re paperless now because of smartphones on the cloud, not because of computers. Correct. Correct. Correct. Correct. In the scanners and all these other things.

Speaker 2:   07:41

And so there’s a part of me that thinks that with this desktop and alternative evaluations in multiple products being offered by an appraiser, number one, you have more to sell, which is important, right? But number two, that, you know, with a lower price point or with a different turn time with a different product offering me, you know, you’re going to, you, they’re going to be able to, uh, collateralize a lot more things, right? And then a negative example, right? Where like bitcoin and the blockchain technology has enabled, like in countries like Egypt, right, where people have owned the land for a thousand years, and everyone has a house, right? Just they don’t, like everyone has a house with people or what, what blockchain technology has been able to do is they’re able to call [inaudible] the government. There is no record of who owns the land. There are no deeds.

Speaker 2: 08:37   

This is thousands of years passed down generation to generation hieroglyphics, summer, right? For summer. Um, what has been able to do with block chain is use that to collateralize a, the house meaning like there’s a record associated now so they can get a loan on it. Well, something like if you’re gonna applies for a $50,000 line of credit at your bank and you’re gonna do it all online, you’re gonna go to ABC lender dot. Well, I mean, you know, to your point, speed is important. It is important. It’s a factor with, with loans. If you want to buy a house, I mean if you want to get something, well, having a desktop valuation offering to where you can get it relatively quickly and is accurate, I think is going to enable more appraisals to be ordered at some level. Right? Just different types. I

Speaker 1:   09:33

think when you have an appraiser touching it.

Coest2Coest – Brian Coester and Barry Habib – The Mortgage Industry in 2018

January 29th, 2018

“The Goal is to get from the day not just through the day” – Barry Habib 

Thank you to all who listened in to Coest2Coest, our weekly podcast presented by CoesterVMS CEO Brian Coester and Fritz Schaper. Yesterday’s guest was Barry Habib, Entrepreneur and CEO of MBS Highway. If you were unable to listen live, please visit the link below to view yesterday’s episode!

 Full Episode:

Clip 1: Tips for Originators:


Clip 2: A day in the life: Barry Habib

 

Please click here to subscribe to our youtube channel to stream future podcast.
Please click here to follow Coest2Coest on Blog Talk Radio.

About Barry Habib:

Barry is an American Entrepreneur and Media resource for his expertise in the Mortgage and Housing Industry. He was recently named the top Real Estate forcaster by Zillow and Pulsenomics, and was the recipient of the Crystal Ball Award for the most accurate Real Estate forcasts out of the top 150 economists in the US.

About Brian Coester:

Brian Coester is the founder and CEO of CoesterVMS, a nationwide appraisal management company that designs, implements and oversees a full range of services and technology solutions for the mortgage banking industry. CoesterVMS currently serves 10 of the top 20 mortgage lenders in America. CoesterVMS has been named twice to Housingwire’s top 100 Tech Companies and three times to Inc 500/5000 fastest growing companies in America.

About CoesterVMS:

CoesterVMS combines proprietary and compliant technology with the best customer service to offer the most streamlined process to our appraisal partners and lenders. This approach helps us reach our ultimate goal of delivering the most accurate appraisal reports within the time frames of the mortgage transactions. CoesterVMS provides clients the tools to navigate the valuation process in an evolving lending environment. Through innovative technology and customized service strategies, our mission is to serve as the engine that runs the real estate valuation industry.  We are your partner for success.

You can listen live by following http://go.pardot.com/e/310061/coest2coest/gls7t/87376828 and/or subscribing to http://go.pardot.com/e/310061/c-/gls87/87376828BrianCoester

Nationwide Fee Schedule, Appraisal Scheduling, 2-0-0 Guarantee, and SLA Updates

December 5th, 2017

Hello CoesterMers! – 

Every day we work to continually improve the experience you have here at CoesterVMS. Our goal is to create a “CoesterMer” experience that is unmatched for your company, your borrowers, and your realtors. We are excited to share with you some recent changes that will significantly enhance our offering to your company and create an enhanced customer experience. We have rolled out a wide spectrum of changes which include price reductions, enhancements to our appraisal scheduling process, full roll out of our 2-0-0 program, and turn time reductions.

Here at CoesterVMS we understand the process of securing a mortgage and property is stressful enough, and the appraisal should not add to the stress or frustration. This is particularly true in today’s hyper-competitive and increasingly automated lending environment. The homeowner, buyer, or realtor typically just want to get in their home or get the loan done as soon as possible, and the appraisal is one of many things that need to get done during this process. Here at CoesterVMS we believe that the AMC should enhance the overall experience, not cause delays or additional problems.

To solve this problem CoesterVMS has developed the CoesterMER Service 2-0-0 (Two-Zero-Zero) Guarantee. Essentially 2-0-0 is a guarantee program that covers the main problems that usually cause the appraisal process to be long-winded and frustrating. Let me share with you the three main aspects of the excellent CoesterMer service 2-0-0 Guarantee Program.

2 Hour Appraisal Scheduling:
So, like we’ve already touched on; the most common issue when organizing an appraisal and getting approved for a mortgage is the sheer amount of time it takes. Therefore, with the CoesterVMS 2-0-0 program we guarantee that the point of contact will be contacted within the first 2 hours of the appraisal being entered.

This kick-starts your appraisal service and will get it started on the right foot. By getting the inspection done quickly, you’ll already be much, much closer to getting your deal done. Since rolling out this program we’ve saved an average of two days in scheduling and three days in overall turn time because of scheduling proactively with the borrower or realtor. 

CoesterVMS has excellent coverage in the majority of MSA’s, and we can work in harmony with all appraisers and borrowers to schedule a convenient time for all parties. Plus, an effective questionnaire is provided to the borrower so key details can be obtained, such as acreage, well & septic, and complexity.

0 Fee Increases:
Fee increases cause delays and frustration. With the 2-0-0 program, we’ve eliminated the guesswork and engineered the fee increases out of the process. Simply use our online fee calculator that and you will never experience a fee increase again. The online calculator is easy to use, allows us to offer the best prices to your borrowers on every transaction, and we honor 100% of the quotes in full. We do this by pricing the appraisal directly to the complexity of the specific property rather than over-generalizing with an entire state fee. Because of this more accurate method, we are able to offer more competitive pricing.

0 Hassles:
It is rare that appraisal files have issues that can’t be resolved quickly. However, they escalate from time to time. Escalations can be for a variety of reasons such as difficulty in assignment, repair needed, or a problem in getting the file turned in on time. CoesterVMS recognizes this and the need for customer service at these critical moments. A part of our guarantee is that you will have a quick an immediate resolution to any problem that occurs during the lending process. We have specialized staff that has been qualified to the highest level to ensure all escalations are handled quickly and diligently. Now, if CoesterVMS fails to meet their SLA or provide real-time communication regarding any delays, they will immediately offer a full and complete refund to the borrower.

Fee Schedule Update: 
We have also recently updated our fee schedule and it includes discount pricing, in various states. Please click here to review our most recent pricing adjustment. We want to offer our clients the best fees possible, while also ensuring we’re in compliance with state regulations and pay our appraisers a fair fee. With our updated fee schedule and fee calculator our customers never have to experience a costly fee increase that comes directly out of their pockets or overpay for an appraisal that should cost less.

Solutions Desk: 
Sometimes it can be tricky to know who to contact at a company to help resolve an outstanding issue or to get an answer to your question. Therefore, a few months ago we launched our Solutions Department. If you have any questions about a file, need help in any way, or would like more information about CoesterVMS. Please e-mail soutions@Coestervms.com and we will get back to you right away.

Technology Changes: 
Over the next few weeks we will be rolling out a chat function for our scheduling desk. This chat function will enable real-time scheduling with the appraiser, CVMS, and your borrower or relator. We think this will be the way it’s done and are excited about it.

Comprehensive Scorecards:
Transparency is a big part of what we do and we are putting together enhanced scorecards that will enable us to show you exactly what we are doing, how we are doing it, and how we are delivering on our CoesterMer Service promise. Look out for calls from me or my team to go over these with you.

As we go into 2018 we are ready to support our customers with the best possible product offering, price, and service as possible.

Look forward to having a great year with you!

Brian C. Coester
Founder and Chief Executive Officer

7529 Standish Place, Suite 200

Rockville, MD 20855

Email: ‎bcoester@coesterappraisals.com

Website: coestervms.com