Posts from — January 2010
Coester Appraisal Group Expands FHA Appraisal Compliant Platform
Coester Appraisal Group is pleased to announce an additional release of its national HVCC compliant appraisal management platform specifically targeted towards upcoming FHA Appraisal changes effective Feb, 15 2010 when FHA adopts similar guidelines to the HVCC. CEO Brian Coester was quoted as saying “FHA delaying the rollout was a blessing in disguise as it gives us more time to improve what we rolled out in November. FHA is over 60% of lending today and with the adoption of the similar guidel...
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January 31, 2010 1 Comment
Home Prices Increase Slightly; Consumer Confidence Grows
Kan, Joel; Sorohan, Mike
Two reports on housing prices yesterday showed slight increases, while a key gauge of consumer confidence continued to show catuious improvement.
The Federal Housing Finance Agency said U.S. house prices rose 0.7 percent on a seasonally adjusted basis in November from the previous month. FHFA’s monthly purchase-only House Price Index also showed house prices rose by 0.5 percent on a year-over-year basis.
Despite the increase, U.S. house prices remain well below thei...
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January 31, 2010 No Comments
Flagstar Bancorp Inc. raises $300 million in stock offering
By Tom Henderson
Troy-based Flagstar Bancorp Inc. (NYSE: FBC) announced Thursday it has raised $300 million through a previously announced rights offering that ends Feb. 8.
The money was raised through the purchase of $422.5 million shares of stock by the bank’s majority owner, MP Thrift Investments L.P. of New York.
MP Thrift retains the right to purchase another $140.8 million shares.
The bank also announced it has entered into an agreement with the U.S. Office of Thr...
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January 31, 2010 No Comments
Treasury, HUD Update Guidance on Expediting Permanent Modifications
Treasury, HUD Update Guidance on Expediting Permanent Modifications
Sorohan, Mike
The Treasury Department and HUD yesterday released updated guidance for servicers participating in the Administration’s mortgage modification program, aimed at refining documentation requirements to expedite conversions of current trial modifications to permanent ones.
The updated process requires that key documents, including proof of income, be obtained from the borrower before a borrower evaluation can begin...
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January 31, 2010 1 Comment
What business are you really in?
The question "What business are you really in?" has been something I thought about for years. My company Coester Appraisal Group is in the real estate appraisal business, but at the same time we are not. We do appraisals, reviews, broker price opinions, automated value models, consulting and many other things daily however I am not naïve enough to think this is really our business. I tell people in the office all the time "we are a service company that just happens to do real estate valuations"...
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January 31, 2010 1 Comment
The Importance of Patience
This week has been an hectic week to say the least. Three flights in four days, Five Cities, Three Hotels, meetings, interviews and fires to put out. Regardless of all of this I am constantly reminded of the importance of having patience and really just taking things in stride. By having patience it allows you to think before you react, reflect before you move forward and not jump into every situation blinded. Often I get a phone call with a crisis and before I freak out I sit and think about ...
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January 30, 2010 1 Comment
FHA Proves Lender Defualts
Federal Housing Administration lenders with high default rates received an unwelcome surprise Jan. 12 when the U.S. Department of Housing and Urban Development subpoenaed 15 mortgage companies as part of the agency’s efforts to seek out possible fraud, according to Bloomberg News.
Although HUD officials maintain that they haven’t found evidence of any wrongdoing on the part of FHA lenders, they are interesting in taking a closer look at the worst performers in the FHA portfolio.
“We aren...
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January 20, 2010 3 Comments
Appraisal Management Software DO’s and DONT’S
With appraisal compliance being a must for companies originating mortgages, there has been a spur of Appraisal Management Software that has come out recently for mortgage companies trying to both manage the process internally and outsourcing the process to an appraisal management company. Both software and hiring an appraisal management company are viable options, depending on the business model; however, most of these software programs are overpriced, which makes it difficult to do business and...
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January 18, 2010 3 Comments
Videos Posted by Coester Appraisal Group: Thoughts From AppraisalNEWSCAST.com
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January 18, 2010 No Comments
LandSafe LARA Report's
Over the past several years we have run into the Lansafe LARA report hundreds of times. The LandSafe LARA is Landsafe's Appraisal Risk Analysis report which essentially is a reconciliation of the original full appraisal in an attempt to mitigate fraud and for a second overall opinion to be added onto the report by a licensed appraiser. Conceptually the review appraiser is looking for what is wrong with the appraisal and for what the appraiser didn't include or do on the original appraisal. The...
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January 16, 2010 3 Comments
Here's a look at the top 10 states for foreclosure and how they got there.
Here's a look at the top 10 states for foreclosure and how they got there:
No. 1: Nevada -- In third-quarter 2009, Las Vegas suffered the nation's highest foreclosure rate at 5.13 percent, or more than one foreclosure for every 20 households -- almost seven times the national average. Investors, who snapped up one of every three homes sold at the boom's height, were gambling on future gains after watching Vegas-area median home prices jump 122 percent from 2000 and 2006 -- twice the U.S. rise o...
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January 14, 2010 No Comments
Coester Appriasal Group Logo
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January 13, 2010 No Comments
Appraisal Management Company surpasses turnaround Goal
Coester Appraisal Group a nationwide appraisal management company surpassed its goal of averaging less than 4 days total turnaround on appraisals nationally for two consecutive months. The goal which was set by CEO Brian Coester is a milestone to the companies "When Results Matter" focus. The goal was surpassed this January and is an excellent way to bring in the new year. The firm averaged 3 days,19 hours, 48 minutes and 47 seconds on over 2,000 loan files which were included in the tracking ac...
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January 10, 2010 No Comments
Coester Appraisal Group announces new Slogan
"When Results Matter" is the new company slogan for Coester Appraisal Group a nationwide appraisal management company. The slogan, which was the brain child of several Coester Appraisal Group associates, notably Crystal Witherspoon, Frank Novak and CEO Brian Coester is going to be the center of what Coester has called a "result's based business operation". The idea for the slogan is to paint a picture of what the quality focused appraisal management company can do for its clients as well as th...
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January 10, 2010 No Comments
A little snow = BIG opportunity
As I sit in my lazy-boy and look outside out at the over 2 feet of snow we got on Saturday I am stuck on the idea of opportunity that we as Americans and as a human being have been blessed with. It reminds me of my love for New York and the amazement of how the big city works. I think I am amazed by the city because it shows you what is really possible for a place given a work ethic and the right combination of things. Looking at old pictures of New York from the early 1900's you will see a ci...
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January 4, 2010 No Comments
Coester Appraisal Group releases company video
Gaithersburg, MD - Coester Appraisal Group a nationwide appraisal management company released its annual company video as an end of year promotion for the lending community to really see what the company does on a daily basis. National Sales Director Brian King was quoted as saying "Having the ability for our clients to truly see how we do things is an extremely valuable tool. What an appraisal management company does on a daily basis is somewhat of a mystery to the lending community. Giving t...
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January 3, 2010 No Comments
Appraisal Management Companies Add No Value
“Appraisal Management Companies add no value” is something that Realtors the NAMB and some pissed off brokers have been screaming for the past several month. The cozy relationships with the appraisers are gone, the comp checks are gone and the pressure to hit the number is finally gone. Saying appraisal management companies add no value to the mortgage business is like saying police add no value to the safety of the community. Appraisal Management Companies add tremendous value to the appra...
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January 2, 2010 1 Comment
