A Chicago mortgage inspector I talked to this week worked 3 years for a Mortgage Order Mill (MOM) and they reduced the fee on a drive-by mortgage inspection from $3.00 to $2.50 … a 17% cut in pay. A short time later they reduced the fee from $2.50 to $2.00. This is another 20% cut in pay. He would not accept the pay reduction and he quit. Good on him!
Many MOMs are cutting inspector fees in the mortgage segment. The mortgage segment is dying. The mortgage segment is in an economic depression. Look at Ocwen (OCN)stock. Many MOMs are near financial collapse. Fraud is on the rise. Charge backs are on the rise. How can any inspector profit on a $2.00 mortgage inspection requiring 8 photographs? Don’t wear out your car with low-fee mortgage inspections.