Posts Tagged ‘coester reverse’

Coester Warns On Lenders Not Being Ready for UCDP and UAD Deadlines

November 1, 2011

Brian Coester, Coester Appraisal Group

The Uniform Collateral Data Portal (UCDP) and Uniform Appraisal Dataset (UAD) deadlines are right around the corner and with the constant changes in appraisal regulations over the past years it’s easy to get lost in it all and just say ‘My Appraisal Management Company is taking care of this.’

The reality is — with these new UCDP and UAD changes, the updates are probably not being handled properly and you are probably not ready for the changes; changes that are taking effect December 1, 2011.

The UCDP is a part of Fannie Mae and Freddie Mac’s Loan Quality Initiative (LQI) that started these programs over two years ago under the Collateral Data Delivery (CDD) program. Brian Coester, CEO of Coester Appraisal Group, has been conducting presentations and educational seminars for local Mortgage Bankers Associations (MBAs) around the country. Coester expressed his shock at the lack of preparation by both Appraisal Management Companies (AMCs) and lenders. “We had six AMCs at our last MBA seminar and none of them had any idea about what was going on nor were they registered to handle the files for their clients. We’ve been preparing for this for more than a year and it’s shocking that a such a big change would go unnoticed or unaccounted for."

Coester also warns that lenders are still unprepared and a Wells Fargo correspondent rep at one of the UCDP seminars confirmed this. Coester states, "The reps have indicated their correspondents are just getting around to looking at this. The problem arises because the time it takes to register and get what you need set-up and done, is 7-10 business days. Now they are telling people 20 business days, which falls just before the December 1, 2011 transition date. If lenders don’t jump on this they may not be able to close loans or sell loans at all.” Fannie Mae and Freddie Mac require registering for the UCDP which most lenders have not yet completed. “They think they don’t have to register or aren’t going to be held responsible for this. Most of the feedback though, is that they their investor would be handling this; the reality is that’s not the case." says Brian Coester.

Coester is fully registered for the UCDP and will be handling the complete end-to-end delivery, review, and submission files for its clients. "With us it’s pretty simple: login to the UCDP portal, type in our name, add us a Lender Agent, and you’re done. Very few companies will be able to say that it was that easy for them and we are glad we can help our clients." says Brian Coester. Coester admits that he has been working on the project for over a year now.

About Coester Appraisal Group:

Coester Appraisal Group is a nationwide Appraisal Management Company specializing in high quality appraisal reports that comply with all industry guidelines and regulations. With its headquarters in Rockville, Maryland, Coester Appraisal Group was founded in 1970 as a local appraisal company but has since developed into a formidable force in the appraisal management segment. For more information, please visit Coester Appraisal Group online at http://www.CoesterAppraisals.com.

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Coester Warns On Lenders Not Being Ready for UCDP and UAD Deadlines

November 1, 2011

Brian Coester, Coester Appraisal Group

The Uniform Collateral Data Portal (UCDP) and Uniform Appraisal Dataset (UAD) deadlines are right around the corner and with the constant changes in appraisal regulations over the past years it’s easy to get lost in it all and just say ‘My Appraisal Management Company is taking care of this.’

The reality is — with these new UCDP and UAD changes, the updates are probably not being handled properly and you are probably not ready for the changes; changes that are taking effect December 1, 2011.

The UCDP is a part of Fannie Mae and Freddie Mac’s Loan Quality Initiative (LQI) that started these programs over two years ago under the Collateral Data Delivery (CDD) program. Brian Coester, CEO of Coester Appraisal Group, has been conducting presentations and educational seminars for local Mortgage Bankers Associations (MBAs) around the country. Coester expressed his shock at the lack of preparation by both Appraisal Management Companies (AMCs) and lenders. “We had six AMCs at our last MBA seminar and none of them had any idea about what was going on nor were they registered to handle the files for their clients. We’ve been preparing for this for more than a year and it’s shocking that a such a big change would go unnoticed or unaccounted for."

Coester also warns that lenders are still unprepared and a Wells Fargo correspondent rep at one of the UCDP seminars confirmed this. Coester states, "The reps have indicated their correspondents are just getting around to looking at this. The problem arises because the time it takes to register and get what you need set-up and done, is 7-10 business days. Now they are telling people 20 business days, which falls just before the December 1, 2011 transition date. If lenders don’t jump on this they may not be able to close loans or sell loans at all.” Fannie Mae and Freddie Mac require registering for the UCDP which most lenders have not yet completed. “They think they don’t have to register or aren’t going to be held responsible for this. Most of the feedback though, is that they their investor would be handling this; the reality is that’s not the case." says Brian Coester.

Coester is fully registered for the UCDP and will be handling the complete end-to-end delivery, review, and submission files for its clients. "With us it’s pretty simple: login to the UCDP portal, type in our name, add us a Lender Agent, and you’re done. Very few companies will be able to say that it was that easy for them and we are glad we can help our clients." says Brian Coester. Coester admits that he has been working on the project for over a year now.

About Coester Appraisal Group:

Coester Appraisal Group is a nationwide Appraisal Management Company specializing in high quality appraisal reports that comply with all industry guidelines and regulations. With its headquarters in Rockville, Maryland, Coester Appraisal Group was founded in 1970 as a local appraisal company but has since developed into a formidable force in the appraisal management segment. For more information, please visit Coester Appraisal Group online at http://www.CoesterAppraisals.com.

 

 

 

 

 

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Protesters Descend on MBA

October 18, 2011

Jon Prior, Housing Wire

Roughly 150 protesters gathered at the Hyatt Regency in Chicago Monday afternoon, protesting the Mortgage Bankers Association as some of the the trade group’s members looked on and snapped photos.

Thousands more from various groups organized around the city, including Daley Plaza and Federal Plaza. A pastor from a nearby suburb who identified himself as Russell, arrived at the Hyatt and picked up a sign from the Southsiders Organized for Unity and Liberation. It was a cardboard cutout of JPMorgan Chase (JPM: 32.40+4.38%) CEO Jamie Dimon that read: "Wall Street Bank Robber."

The likenesses of Bank of America‘s (BAC: 6.54 +8.46%) Brian Moynihan, Countrywide‘s Angelo Mozilo and others were also seen bouncing above the chants and a marching band.

"Of my congregation of 270, about 30% are facing foreclosure," Russell said. "They come to me and my church, and we organize them and try to direct them to all the available programs and mediation sessions. But the banks continue to undermine that."

While Russell said SOUL and other community groups have been organizing protests since 2005, the recent uprising from Occupy Wall Street and other areas rejuvenated them to try and catch a more unified wave of dissent.

A SOUL organizer, who called himself Toby, made some final preparations for his speech through the megaphone. Even some curious MBA members gathered nearby on the hotel steps behind security to watch the crowd and listen to Toby.

"While we are out here desperately looking for jobs, they’re in there trying to figure out how to make more money off of us," he yelled into the megaphone.

One mortgage banker, who wouldn’t give her name, shook her head. "This is the wrong place to do this. We’re trying to figure out how to help them."

Others were more critical. Another banker pointed out to his colleague different union members he thought he saw in the crowd. Another scolded some protesters for bringing their children to the rally.

One technology vendor, who wouldn’t be identified, said he was sympathetic and that some previous members of this very trade group "got away scot-free."

"There’s just no jobs," he said. "What would you do?"

Another banker, who also wouldn’t give his name, said the recent wave of protests was even routine. Coming out of crises and recessions, there is always a wave of descent before the eventual recovery.

The MBA itself put out a statement Monday morning in advance of the protest, highlighting the 3,000 members who assembled in Chicago to revamp the U.S. housing system.

"We all recognize that our industry faces a trust deficit with policymakers and the public and that people in our industry contributed to the events that led to the financial crisis," the MBA said. "The mortgage professionals who have gathered in Chicago this week are about sustainable homeownership and ensuring access to affordable mortgage credit for qualified borrowers."

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