A national appraisal management company is providing a guarantee that its reports will stand up to repurchase demands.
The company, Coester Appraisal Group, announced the guarantee Monday. Appraisals completed after June 1 are covered.
“The guarantee is applicable for any appraisal-based repurchase request as long as the loan is in good current standing and not in any stage of delinquency,” the Rockville, Md.-based firm stated.
Coester, a Mortgage Daily advertiser, said that its protection has it initiating and fulfilling a formal rebuttal campaign to refute the repurchase request at no cost to the lender.
If the AMC is not able to refute the repurchase demand, and the lender is required to repurchase the loan — then Coester will find a buyer for the loan.
“In doing so, Coester Appraisal Group extends its insurance coverage to protect the lender against any financial loss resulting from the sale of the repurchased loan, and will cover any difference between the loan amount and the subsequent sales price, should one exist,” according to the announcement.
