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Compliance Verified Via New CoesterVMS CFPB Suite

Apr 16, 2013

CoesterVMS has launched its CFPB Suite, a Web-accessible compliance program that allows lenders to verify compliance with all third-party regulations set forth by the Consumer Financial Protection Bureau (CFPB), every time an appraisal is done. CoesterVMS’ CFPB Suite is powered by a proprietary technology that logs, files and sorts all CoesterVMS’ 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. Coester customers can access that information, verifying compliance on any third party regulation on a per loan basis, via their own CoesterVMS.com client pages. The CFPB Suite provides more than a yes/no response to its compliance checklist. It also provides supporting information for each regulation, so lenders know the steps CoesterVMS took to stay compliant. “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. “The CFPB has stated that it expects lenders to do their due diligence on the service providers it engages. The CFPB Suite allows lenders to find out the actual steps CoesterVMS took to ensure compliance with every CFPB third party regulation that could possibly be considered their responsibility. We’re making that due diligence easy.” 
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Apr 16, 2013
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