First Guaranty Mortgage Corporation (FGMC) has announced that it will centralize its appraisal and valuation operations under the guidance of Rockville, Md.-based Coester Vendor Management Services (Coester VMS). FGMC is a national, full-service mortgage lending firm offering retail, wholesale, correspondent and capital markets mortgage solutions to clients of varying income and credit types. Under the agreement, FGMC will use the national appraisal management company to manage and operate its appraisal services in all of its channels. Coester VMS will work with FGMC to establish uniform and efficient processes in those channels, and will coordinate by way of centralized software. The system also includes extensive quality control monitoring mechanisms. Coester VMS is licensed in all states requiring appraisal licensing, and has a presence in all 50 states.
“Working with Coester VMS will allow us to improve the speed, efficiency and quality of our valuation services,” said FGMC Chief Executive Officer Andrew Peters. “More importantly, the software platform used by Coester will bolster our compliance efforts.”
Coester VMS CEO Brian Coester praised FGMC for its willingness to invest in the centralization. “We’ve seen time and time again that a lender willing to put the investment into its appraisal system reaps an excellent return and sees significant improvement,” said Coester.