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Training Materials Developed to Reduce Repurchases

Mortgage News

A new educational appraisal program is being developed for lenders to help them avoid repurchase demands.

The program is being developed by AllRegs, according to an announcement today.

The offering includes instruction manuals, video tutorials and classroom training programs.

“Once a buyback letter is received, the recipient is under obligation to repurchase the loan in question — often hundreds of thousands of dollars, if not more — unless it can prove that it is not responsible for the discrepancy,” the statement said. “These educational materials will serve to educate lenders on how to protect themselves against repurchase requests based on erroneous assessments of the loan file’s appraisal.”

AllRegs, a MortgageDaily.com advertiser, has commissioned Brian Coester of Coester Appraisal Group to create the materials. Coester is an “expert” at rebutting repurchase requests erroneously based on appraisal discrepancies.

Coester said that appraisal discrepancies account for around 15 percent of all repurchase requests.

“Repurchase requests that are based on faulty or erroneous appraisals are often built on misunderstandings,” Coester said in the statement. “But because many lenders don’t know how to appropriately respond to the request, they end up repurchasing the loan, even though they’re not at fault.

“As with any process, there are certain processes and procedures that greatly enhance a lender’s chance of successfully refuting the request.”

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