When you work for the low-fee mortgage Order Mills, you can expect that about 99% of them will require you to get errors & omissions insurance. The price paid up front will be about $1,200.
A couple of these low-fee mortgage Order Mills will also require a liability insurance policy … add another $1,200 to be paid upfront. The total is now about $2,400 for insurance … to be paid BEFORE you perform your first mortgage inspection.
The average mortgage inspection pays about $3 … of which only about $1.50 is your profit. It will take about 1,600 of these inspections to pay for both the E&O and liability insurance.
Here is another 99% statistic for you. About 99% of all of the fraud in the industry is in the mortgage segment … low pay and high fraud … the odds are against you from the very beginning.
Don’t wear out your car with low-fee mortgage inspections. I’m 99% sure that you will be unhappy.
Which mortgage Order Mills are requiring BOTH E&O and liability insurance? Post a comment.