What is Clearbox?

By: Joan Trice

We launched Clearbox LLC a little less than a year ago and have successfully aggregated 15,000 appraiser records in a reasonably short period of time. We still suffer from some name recognition challenges as do most new offerings. More important than who we are, is what we do.

The name Clearbox was designed to denote transparency around data collection, specifically appraiser data. There have been concerted efforts focused on appraisal data all the while the "people part' got left behind. We plan on changing that.

Post HVCC the hue and cry has been on appraisal quality now that appraisal pressure has been set aside. In my opinion, there is only one way to get there... engage the "best" appraiser. As an industry we are spending millions writing algorithms on how to score appraisals. By all reports they are significantly flawed. Our simple premise is to engage a competent and ethical appraiser and avoid all of the high touch, expensive repairs to bad appraisals, and the painful repurchase problems.

With that said, not everyone is a fan of transparency. We currently have just over 10,000 disciplinary actions, X FILES™, within Clearbox. Not all disciplinary actions are created equally. Some are very minor infractions while some are egregious. The most disturbing , of course, are the instances where sex offenders and violent criminals remain active licensed appraisers. 

Dodd Frank and Interagency Guidelines dictate that lenders, and their agents engage the best appraiser, not the fastest and not the cheapest. That of course raises some challenges for lenders, and their agents. How do you identify the best appraiser? What defines competency? How do I avoid bad actors? What processes are fair and transparent to allow appraisers to rebut a bad review?
And then of course there is the giant pachyderm in the room... customary and reasonable fees. As long as there are incentives in place to engage the cheapest appraiser we won't win this war. Poor appraisal quality will remain the gift that keeps on giving. Good appraisers will exit. We won't train the next generation until there are financial incentives to attract young talent. Lenders will continue to make bad decisions based upon faulty data. And the beat goes on.

Clearbox LLC is the vehicle for you to crow about your credentials--  experience, education, solid business practices, quality reports. We are working hard every day to bring new subscribers to Clearbox to support good appraisers. We hope you will take the time and explore what we believe will be the revolution needed to effect positive and indelible change upon the appraisal profession.

Joan N. Trice is the founder and CEO of Clearbox, LLC, publisher of Appraisal Buzz, and host of the annual Valuation Expo, the largest conference for the valuation community. Joan also hosts the Collateral Risk Network, a members-only group of more than 300 dedicated chief appraisers, collateral risk managers, regulators, and valuation experts who are focused on resolving the many challenges facing our profession.