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CoesterVMS has filed for a U.S. patent for its customary and reasonable fee appraisal fee disclosure calculator. The calculator provides an accurate fee rate quote for an appraisal saving lenders time and money and assisting in compliance with Customary and Reasonable fee calculation. CoesterVMS developed the calculator to help loan officers meet TILA-RESPA Integrated Disclosure (TRID) requirements as well as the Dodd-Frank Customary and Reasonable fee payment requirements under federal and state law. It helps eliminate the back and forth on appraiser fee data. The quote estimate includes multiple factors including the customary and reasonable appraiser fee for a selected valuation product in a property market, finished square footage, lot size and complexity of the file.
"We are confident that our fee calculator improves the valuation process and is the way forward for the industry. We have several data service providers that use our calculator already for customary and reasonable fee calculation and that is the reason why we are filing for a patent," said Brian Coester, chief executive officer of CoesterVMS. "The industry needs tools such as our disclosure calculator for compliance and to ensure that valuation fees are not a surprise. Ultimately, every lender and appraisal management company will need the ability to quote an exact fee and we are glad to be the first company to offer this to the industry."
The proprietary application has features such as direct information population and the ability to save quotes for later use creating efficiencies in addition to maintaining compliance.