Staff Appraiser for Wells Fargo or B of A? Pro's & Con's

[Salty]

I would never work as an appraiser where there was a quota. It is demeaning. Plus each property is different and one hiccup along the way can cause unnecessary stress to meet some asinine quota. I am not a fan of quota in any line of work. So many of my friends over the years who had quotas were always stressed about them. When around colleagues its all they talked about' it dominated their lives. I think quotas can lead to unwise decisions and liability. Easy for a suit to establish a quota when the appraiser is signing the report.

On the other hand - I would consider doing review work for the evil empire. But I would need at least 100k salary knowing I will get let go once things cool down. Of if I decide I don't like the job at least I got a few good paychecks out of it .

I did recently apply for the review appraiser at Wells. Pay was up to 110 or 120 (cant remember exactly). Man, the application process was awful; just awful. So many nutty questions. I had to explain my experience in detail to a number of different scenarios. I thought my masters, designation and experience could speak for itself. The no reply email let me know I was no longer being considered. They wanted experience working within some kind of system I have never heard of and that no intendent res appraiser would have anyway unless you worked for a large institution as a reviewer before.

*Interesting note - I also had 2 recruiters contact me for review positions at Wells the pay was much less than the job I applied for. Working remotely for some Wells division in the NC/SC area.

 

[sputnam]

Been there. Done that. I would suggest finding yourself a good fee shop to work in... or put in the work and start your own.

 

[Michigander]

There are pros and cons to being staff. You have to examine your own needs and prospects first, as all anyone can really do is give you their own experiences.

Pros:
Generally a very narrow territory
Generally easier appraisals (it is how to maximize the profit to the bank)
Firewall from production in most instances
No need to chase down payments
No need to bid for fees
No need to deal with some silly stipulations if support staff is assisting.
Vacations, vacations, vacations!
Paid time off!
401K!!!!

Cons:
Layoffs happen at the worst of times, causing major life disruption
Cannot necessarily pick and choose the work you take
You can end up working with very back-biting people
Less flexibility
Major issue is starting back on your own when layoffs occur. Very hard to do, even as a well known local.

 

[George Hatch]

Major issue is starting back on your own when layoffs occur. Very hard to do, even as a well known local.​

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This will be compounded by the point that layoffs usually only occur when the work dries up, so you're trying to come back in at the worst possible time.

 

[Digger88]

wtf is a 100k these days? especially with a young daughter around.

 

[ucbruin]

I find it curious that one of the cons promoted in this thread is the potential to be laid off when volume drops....
I imagine when volume drops those appraiser working for a fee shop will be laid off....
And if you are an appraiser who hires a fee split staff....
When volume drops, you will lay them off....

During times of low volume, I've considered myself under-employed....

If one is concerned about being laid off when volume drops....
Stay out of residential appraising....

 

[Zoe]

I find it curious that one of the cons promoted in this thread is the potential to be laid off when volume drops....
I imagine when volume drops those appraiser working for a fee shop will be laid off....
And if you are an appraiser who hires a fee split staff....
When volume drops, you will lay them off....

During times of low volume, I've considered myself under-employed....

If one is concerned about being laid off when volume drops....
Stay out of residential appraising....

Yeah, that is not a valid argument.

 

[Zoe]

I understand some banks are better than others. If I was going that route, I would choose the bank carefully. Does VA have a regional office in CA? She would probably be good there or at tax assessor office. She would probably be good as loan originator at a bank. I don't know her, but she would probably be good as real estate agent.

 

[Zoe]

HUD would be another good option. I know HUD has offices in CA.

 

[J Grant]

I think you need to to interview with them and see. Typically, a staff appraiser works from home so it is the same as being a fee appraiser in that sense, but with one mega client. Cali if an appraiser is not well connected, can be a tough place for a fee appraiser so if it appeals -consider it. I say that guardedly as the few interviews I did, years ago ( I never took any of the jobs ), were a low base salary and then a complex system of points per type of appraisal, and one would have to put in significant time to make enough points above the weekly expectation of min orders for the base salary. But if one were content with a lower earning level and did not kill themselves to make up extra points, perhaps there is a comfortable middle ground. There probably is some training or a regional appraiser to consult so it can be beneficial if one is still learning.

As far as laying staff off, the few interviews I asked that question, they said they keep staff on and find "other" appraisal work during slow times. I doubt that is 100% true and in a major slowdown they would let at least some staff go. However, they probably do have "other" work - maybe reviewing all the crappy reports done in the busy time lol? Likely though it is desktop, hybrids and in house valuations for equity lines of credit and the like.

My problem is not being a corporate type, I doubt I could last long in a position like this. During one phone interview, they asked me what I usually wear on an inspection. I know they were looking for an answer like I wear professional type attire, but I answered "Clothes". Big silence on the other end. I added " as opposed to not wearing clothes " Oops.