Clearbox LLC, a provider of compliance and data-management solutions for the appraisal industry, announced the release of its ClearOne product July 15 designed to more thoroughly vet real estate appraisers. ClearOne is a report that allows lenders, appraisal management companies and regulators to order a credentials report on appraisal professionals.
According to Clearbox, ClearOne is the only report that merges appraisers’ disciplinary action records with an instant criminal background check and a credentials profile. The new product is designed to help prevent fraud, reduce risk, maintain a safer working environment, ensure regulatory compliance and save money by allowing clients to identify the most qualified appraisal applicants.
"Regulatory pressures and practical operational challenges mandate the selection of the best appraiser," said Joan Trice, founder and chief executive officer of Clearbox. "The focus of Clearbox from its inception was to connect honest, competent appraisers with their clients. Previously, lenders and AMCs needed to subscribe to access the database of appraisers. Now they can order a 'one-off' report when onboarding an appraiser or doing forensic review."
The repository of all appraisers’ credentials in one place is more efficient and allows for all stakeholders to excel at managing their third parties.
According to Todd Loomis, chief technology officer at Clearbox, the company’s new offering is a breakthrough for the industry:
"We have cracked the code on creating a unique identifier and merged all of the various credentials into a single report."