Appraiser Compensation Policy
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Appraiser Compensation Policy
CoesterVMS guarantees payment to all fee panel appraisers who complete appraisal assignments on its behalf in a fair, professional, and timely manner. This document details the methods and stipulations by which CoesterVMS distributes compensation to approved fee panel appraisers.
CoesterVMS is subject to federal and state law regarding the payment of appraisers. It is CoesterVMS' policy to follow applicable law in the payment of appraisers.
Fees and Invoices
Panel appraisers accept fees for assignments based on the engagement letter provided at the request for acceptance. Appraisers may request additional fees prior scheduling the inspection if their research indicates additional travel or investigation beyond the original scope will be required to complete the assignment.
Appraisers are encouraged to provide an invoice upon uploading completed reports. However, CoesterVMS does not acknowledge additional fees not agreed upon by both parties. CoesterVMS does not impose fees under appraisers in order for the appraiser to be able to upload information or invoices via CoesterVMS' portal or Electronic Data Interchange.
If an order is cancelled prior to the scheduled inspection, the order will be cancelled with the appraiser and no fee will be paid. CoesterVMS staff will notify the assigned appraiser if an order is cancelled on or after inspection to determine a reasonable fee for the research and travel conducted on the assignment at the point of cancellation.
CoesterVMS offers appraisers two (2) options to receive payment for assignments:
- Check delivered via USPS
- Direct Deposit (ACH)
Appraiser accounts will default to the check option unless they complete the “Direct Deposit Sign-Up Portal” section of their profile to register for ACH payments.
Appraisers who successfully register for direct deposit will receive notifications via email indicating the orders including in a payment batch, as well as the comprehensive disbursement amount. Receipt of ACH payments is dependent upon the policies appraiser’s preferred financial institution.
Appraisers may delete their direct deposit information, returning their account to the default payment option, at any time by selecting the “Clear” option within the “Direct Deposit Sign-Up Portal” section of their profile.
Unless otherwise required by state appraisal management regulations, CoesterVMS compensates appraisers on a maximum sixty (60) day rolling payment cycle from initial transmission (upload) of the appraisal report. If the licensing state allows an agreed upon extension, the vendor agrees to a 60 day payment cycle on all appraisals completed based upon the initial transmission date of the appraisal report. CoesterVMS accounting staff shall disburse payment batches every Tuesday and Thursday. In the event a holiday falls on a scheduled payment date, or an impending natural occurrence appears imminent, accounting staff shall expand the batch prior to the event to ensure maintenance of payment cycles.
- If New Year’s Day falls on Tuesday, January 1st, the batch prepared Thursday, December 27th will contain all payments scheduled for the 1st.
If an order is cancelled prior to the scheduled inspection, the order will be cancelled with the appraiser and no fee will be paid. CoesterVMS staff will notify the assigned appraiser if an order is cancelled on or after inspection to determine a reasonable fee for the research and travel conducted on the assignment at the point of cancellation. Trip fees shall be paid in accordance with applicable state regulations.
CoesterVMS understands that appraisal and valuation services are based on measurable market data combined with appraiser judgment and payment will not be withheld due to conflicts of that judgment that are not of a serious material difference. However, if there is reasonable basis to believe an appraiser acted in an illegal or unethical manner, CoesterVMS reserves the right to withhold payment pending investigation of any allegations of such behavior. It is the policy of CoesterVMS to follow state and federal requirements, where applicable, to notify an appraiser within the time specified, and by the method and means specified, indicating with specificity and detail the reasons for delayed payment, and the conditions and timing on when payments will be made whole.
The Vendor Relations Department will research any allegations and document all findings in an associated Appraiser Disciplinary Case (ADC). Upon completion of their investigation, Vendor Relations shall notify management if the documentation supports withholding of payment. Management shall review the case with applicable legal resources to determine whether withholding payment complies with state and federal regulations.
It is generally the policy of CoesterVMS not to withhold payment from an appraiser except in extreme and egregious circumstances. If it is determined that payment shall be permanently withheld for any egregious action, CoesterVMS shall provide the appraiser written notice of the action via certified mail and afford a rebuttal period as set forth in applicable state requirements.
Appraisers are encouraged to upload a W-9 during initial completion of their profile; however, failure to do so does not inhibit payment cycles. If an appraiser’s profile contains a missing, expired or incomplete W-9, accounting staff shall contact the appraiser via phone and e-mail to obtain current documentation.
Appraisal Company Payments
Payment for assignments completed by fee panel appraisers employed by appraisal companies shall be disbursed to the company’s preferred account(s) or mailing addresses, depending on payment type.
Returned or Failed Payments
In the event a check is returned the vendor shall be contacted via phone and e-mail within 2 business day of receipt. If change of address is needed, a new W-9 as well as updated appraiser profile should be completed and the check should be resent with this information. If appraiser is unresponsive after 4 attempts a certified letter should be sent in which they are given 30 days to respond. If no response is received, please see management for next steps to ensure compliance with state regulations.
If an ACH transaction fails to process due to invalid account information, CoesterVMS shall clear the current entries and notify the appraiser of the occurrence. Payments will be disbursed as checks until the appraiser provides valid account information.