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.