Fastapp AMC, an appraisal management company based in Irvine, California, has acquired Coast To Coast Appraisal Services, Inc. headquartered in New York, in a mutually beneficial deal that’s expected to bolster support for Coast To Coast — along with Fastapp’s reputation across the East Coast.
Fastapp AMC President Michael Conte worked with the co-founder and owner of Coast To Coast, Jason Ferguson, on the acquisition. Conte said he and Ferguson share a mutual respect for one another as industry peers, but have finally decided to join forces in order to bolster each of their businesses.
“I used to work with Ferguson when he was an appraiser,” Conte said, reflecting back more than a decade ago. “So we always kept in touch and we had some conversations and we've been doing some really big things here at Fastapp. At one point or another, it started to make sense for us to have [Ferguson] come underneath us to be able to expand his geographic footprint, his customer base, and product line.”
Likewise, Conte said that working with Ferguson is the key to Fastapp AMC penetrating the New York market. Despite being licensed in 10 other states, Conte said “the bulk of [Coast To Coast’s] business has always been New York-driven.”
Ferguson, an appraiser in Long Island, said his 25-year long career has allowed him to develop many inroads to different lenders and a well-known reputation. “Obviously, Fastapp has been a much larger fish in the pond,” Ferguson said with a laugh, “but, we've always had a very good relationship and it's nice that we actually get an opportunity to work together now.”
Fastapp has the branding, the money, the technology and a ton more to bolster Coast To Coast’s business, but what Ferguson offers in return is just as valuable — a well-trusted reputation in the East Coast market.
“I'm an East Coast guy and a lot of our operations people are on the East Coast, as well, “ Conte said. “To be able to bring on somebody like Jason and Coast To Coast that's so micro-knowledgeable in all of those markets. I mean, it really boosts our proficiency in the East coast in a way that we wouldn't have without it.”
New York has a unique environment, according to Ferguson, when it comes to both mortgages and appraisals. “So our reputation helps us access to the better or, if not, the best appraisers out there that we can utilize,” Ferguson said.
“The borrowers in a lot of cases are repeat business for the lenders, and the lenders have that trust with the borrowers that the appraisers that are coming out are knowledgeable in the area,” Ferguson explained. “New York, parts of New Jersey, and Connecticut are especially unique…Every house is unique and you really need seasoned appraisers who are very familiar with the area to be able to provide a good product to the lenders.”
Fastapp, founded in 2018 and licensed in 50 states, has an equal blend between TPO, retail and private money lender clients, Conte said, whereas Coast To Coast, founded 18 years ago, is almost exclusively retail with some private money lenders mixed in. Ferguson added that his business is also purchase-heavy given current market conditions.
“Based on how the market is right now, we're very purchase heavy,” Ferguson said. “So we're interacting with Realtors [and] our appraisers are interacting with Realtors every day. I'm assuming if rates come back down it'll still be retail, but it'll be a little more balanced between purchases, refinances, and home equity business.”
Ferguson said he looks forward to gaining more resources and support from Fastapp’s appraiser panels that are more widespread across the country, while still drawing on their appraiser panels in states that Coast To Coast is currently in. He also noted that Coast To Coast will be incorporating Fastapp’s improved technology with a platform that is expected to please more clients with its ease of use and efficiency.
