SALISBURY, Md., May 19, 2015 /PRNewswire/ -- Guy Hallman, Consumer Chief Real Estate Appraiser, Fifth Third Bank announced today the engagement of Clearbox, LLC to assist with regulatory compliance of appraiser selection. "We are impressed with the depth of appraiser credentialing data that we use to audit our third parties' vendor lists. We also find the Fee Survey data to be helpful as well to establish a 'Customary & Reasonable' fee schedule."Joan Trice, CEO and Founder of Clearbox notes, "Clearbox helps ensure greater transparency for all parties. Both appraisers and the financial institutions who engage them are under more scrutiny than ever before. Clearbox helps lenders like Fifth Third vet the best appraisers and identify risk."
Clearbox was launched in 2011 in the midst of some of the most sweeping changes to the appraisal profession ever. Both the Interagency Guidelines and Dodd-Frank require lenders to update their policies around the appraisal process. Clearbox has created risk management and compliance tools for financial institutions to comply with the new regulations.
Fifth Third Bank began in 1858 in Cincinnati, Ohio as the Bank of the Ohio Valley. Today Fifth Third Bank is a regional banking corporation with headquarters in Cincinnati, Ohio and assets of more than $100 billion.
Clearbox, LLC was founded to address the complex landscape of compliant processes and data management. Better information and transparent processes promote appraisal integrity. The Clearbox suite of products offers solutions to all stakeholders- Appraisers, Lenders, Appraisal Management Companies and Regulators.
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SOURCE Clearbox LLC