The odds are strongly against your success in the mortgage segment of the industry. You will start out with a huge gorilla on your back. You will wear out you car in a very short time. Let’s start at the beginning.
Mortgage inspections average about $3 and they often require 7 digital photos. You cannot be trusted … hence the 7 photos for every mortgage inspection. Before you even start, you will have to pay upfront about $65 for a background check and about $1,200 for Errors and Omissions (E&O) insurance. The National Association of Mortgage Field Services (NAMFS) and the large national and regional mortgage field service firms control the mortgage segment. Mortgage inspectors are at the bottom of the ladder. You will have to pay about $1,265 in upfront fees before you start earning $3 an inspection and start the process of wearing out your car. The IRS says it costs you 56-cent a mile to operate your vehicle. You may work and not get paid. Two of the largest national mortgage field service firms are rated F and D- by the Better Business Bureau (BBB). One of the largest national mortgage field service firms is being sued in 31 states and also by the Illinois Attorney General. Your odds for success are very small. The mortgage segment is the home of 99% of all of the fraud in the field services industry. The mortgage segment is the home of the lowest fees in the field services industry. About 99% of all the problems come from the mortgage segment.
Your after expenses and after taxes profit on a $3 mortgage inspection is about $1.50. And, yes you will put a lot of miles on your car and wear it out in a very short time. You will need to first perform about 840 of the $3 variety mortgage inspections just to cover the cost of the background check and the E&O insurance. You may be required to have a smartphone or a smart camera. Many of the firms have a policy that you will not be paid for inspections that are a day late. You will be required to drive on icy and snow-covered roads. Most of these inspection must be performed in a one week time-frame. You will be charged huge penalties (called charge backs) if you make a mistake. You will be asked to visit high crime neighborhoods and take pictures of the club houses of drug gangs. You will be asked to enter fenced and gated yards and peep into windows to see if properties are occupied or vacant. The firms that hire you will not disclose the dangers.
The field services firm that hired you will start looking on the day they hire you for your replacement at a lower fee. It’s all about making money for many of the mortgage field service firms. There is no job security in the mortgage segment of the industry. The cheapest guy or gal gets the work … quality is not important in the mortgage segment. You will be carrying a heavy gorilla on your back every day. You will probably quit in about three weeks when you discover that you are not making any money while you are wearing out your car. You have spent $1,265 to feed the gorilla and now you have learned that you are not making any money. I warned you … that is all I can do. Make your own decision.