National appraisal management company CoesterVMS has rolled out an online program that allows lenders to comply with regulations set by a federal agency in regards to third-party service providers lenders engage.

National appraisal management company CoesterVMS has rolled out an online program that allows lenders to comply with regulations set by a federal agency in regards to third-party service providers lenders engage.

The Consumer Financial Protection Bureau expects lenders to do their due diligence to verify that service providers understand and comply with federal consumer financial laws.

CoesterVMS’ CFPB Suite tracks the company’s 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, the company said in an announcement today.

The program includes supporting information for each regulation that details the actual steps CoesterVMS took to ensure compliance.

“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, in a statement.

 

 

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Time is running out to secure your Connect Now tickets at the lowest price. Don't miss out on a chance to grow yourself and your business.Learn More×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription