TSI hiring a herd of appraisers

[J Grant]

http://www.appraisalinstitute.org/profession/jobsearch/positions_available_detail.aspx?id=10941

On the AI's website, a job call for 200 staff appraisers to work in one place...Minneapolis? Will they be pulling data in Florida? Doing deks reviews from across the country? Geographical competence issues?

Will be funny to see who actually shows up to interview.

The only good new appraisal legislation was the one making it harder to enter the field. They will soon run out of idiots willing to work for the low wages they pay and violate USPAP by appraising from afar. I guess when the loans go bad TSI wil close up and leave the appraisers with the liability. They run Quicken loans which is internet lending based, far as I know.

 

[Michigan CG]

You are misinterpreting the offer. They want appraisers across the country to work as staff appraisers. AMCs realize that the C and R thing will take effect....it is only a matter of when and this is their way to abide by the law.

I would never personally work for them but what they are doing is legitimate. If an appraiser with a license wants to be an employee that is their choice.

 

[tjcou812]

TSI have been looking for staff appraisers for a while now. Guess their not getting many appriasers responding. I know they have had ads on other job web sites since November or so.

 

[J Grant]

I actually interviewed with them (phone interview) a year ago. Very nice guy but of course low pay I did not take the offer...guess it is always open as they are always looking for people...this ad stresses interviews in MN so maybe they are looking for a corp group there and then their usual hiring everhwere ad...

 

[23Degrees]

I would never personally work for them but what they are doing is legitimate. If an appraiser with a license wants to be an employee that is their choice.

Absolutely correct under current regulations. However unless the work is for in house use only this is a horrible conflict of interest whether it be staff for the lender or staff for an AMC. For field origination work going to the agencies or review work required by the agencies this is terrible policy. It also has the side effect of completely bypassing any potential chance of C and R (whatever that may be) and lowering the cost per file to a rate that is often in the low $1XX to below $100.

Kill the staff model for origination work going out of house and you give the appraisal profession an immediate boost, ethically, professionally, and economically.

 

[Terrel L. Shields]

If appraisers work for the kinds of fees you guys tell us...then why would TSI offer more than minimum wage and a cuff or two around the head and shoulders as a benefit?

I do understand some small local banks are asking local appraisers to perform desk reviews of appraisals now. This apparently is an examiner request....and they generally don't ignore examiners. They are having a hard time in rural areas since everyone knows everyone else and is reluctant to diss a fellow appraiser that they might need to get info from (in rural areas you are more likely to have some interactions on the few transactions that you may have to work with.)

 

[George Ellerman]

IMO, the pending actuation and enforcement of C&R fees is the primary reason for hiring this staff personnel. You can pay an employee whatever you want. Look for other AMC's to pursue the same strategy.

 

[Mountain Man]

Kill the staff model for origination work going out of house and you give the appraisal profession an immediate boost, ethically, professionally, and economically.

Really? The game as the fed has it set now is to close the loan and pass the buck as fast as you can. Before licensor when banks were savings and loans, and the banks had to suffer their own consequences of making bad loans, appraisers were staff employees. Our bank took in only 2 foreclosures in 10 years! Then the feds stepped in to regulate, everyone was laid off, and the shell game continues today.

 

[J Grant]

So...if an AMC uses staff apprasiers, and the loan later goes bad ( or is sold on secondary market and the appraisal is dinged in review)...and the lender is the one still responsible for appraiser selection even when an AMC is used...what a chain of liablitity for the lender. A weird conflict of interest. esp if the AMC is really an odering arm of the lender...TSI seems designed around appraisal for Quicken Loans, I'd imagine Quicken Loans owns TSI.

When these places can't find enough staff at low salary/fees, they will raise salary/fees. And when they have to raise them high enough to attract people, at that point paying outside fee appraisers is not as onerous. I think these places, Forsythe etc have trouble getting and keeping staff. They have enough to get work done, but I would imagine a high drop out and burn out rate, since they are always advertising. Imo the plentiful number of appraisers will keep going down, and some appraisers refuse to do staff work or at least refuse it for this low compensation, so they always are looking for people. If they'd pay decently...ha ha .

The jobs are actually weird combinations of "Staff" and fee arrangement. The appraisers work from home, and make often a draw, or small salary....25k a year range (30 k for very experienced). Then they get a small bonus for each completed appraisal, or a bonus for each appraisal ovre req amount a month. A bare bones benefit package that is supposed to make up for losing 30k a year income and signing a no compete clause and giving up all your clients (even if your clients are other AMC's).

 

[Cicada]

So...if an AMC uses staff apprasiers, and the loan later goes bad ( or is sold on secondary market and the appraisal is dinged in review)...and the lender is the one still responsible for appraiser selection even when an AMC is used...what a chain of liablitity for the lender. A weird conflict of interest. esp if the AMC is really an odering arm of the lender...TSI seems designed around appraisal for Quicken Loans, I'd imagine Quicken Loans owns TSI.

When these places can't find enough staff at low salary/fees, they will raise salary/fees. And when they have to raise them high enough to attract people, at that point paying outside fee appraisers is not as onerous. I think these places, Forsythe etc have trouble getting and keeping staff. They have enough to get work done, but I would imagine a high drop out and burn out rate, since they are always advertising. Imo the plentiful number of appraisers will keep going down, and some appraisers refuse to do staff work or at least refuse it for this low compensation, so they always are looking for people. If they'd pay decently...ha ha .

The jobs are actually weird combinations of "Staff" and fee arrangement. The appraisers work from home, and make often a draw, or small salary....25k a year range (30 k for very experienced). Then they get a small bonus for each completed appraisal, or a bonus for each appraisal ovre req amount a month. A bare bones benefit package that is supposed to make up for losing 30k a year income and signing a no compete clause and giving up all your clients (even if your clients are other AMC's).

You need to work on your negotiating skills. I got them up to 35k for base pay! Didn't take the job, though. I heard recently they were starting to pay more. Looks like a lot of people were turning them down on account of low pay.