The Louisiana Real Estate Appraisers Board on Monday said Coester Appraisal Management Group did not violate state law for failing to pay appraisers "customary and reasonable" fees.
Arlene Edwards, an attorney for the state appraiser's board, said in an email Monday that the board's executive director Bruce Unangst "misspoke," about a stipulation and order that the board approved last week.
"There was no adjudicatory hearing held, therefore, there was no finding by the LREAB that Coester Appraisal Management Group violated Louisiana law, nor was there a stipulation by Coester Appraisal Management Group that they violated Louisiana law," Edwards wrote in a statement to American Banker. "Coester Management Group is currently in good standing with the LREAB."
According to the a copy of the signed order that was provided to AB by Edwards, Coester agreed to pay $5,000 in administrative costs and voluntarily adopt the state's fee schedule when paying appraisers to "informally dispose of violations alleged as a result of an investigation."
The company also agreed to submit quarterly reports to the state appraisal board for a year.
James Milano, an attorney with Weiner Brodsky Kider PC who is representing the Rockville, Md.-based AMC, said in a phone interview on Monday that Coester is in compliance with both state and federal law.
"There was no fine, no violation of law, and no order to follow the fee survey, Coester voluntarily adopted the fee survey," Milano said.