The largest non-bank mortgage services such at Nationstar and Ocwen are on life support. There is a very weak and slow heart beat. All the cost cutting measures in the mortgage segment have reduced the fees paid to the mortgage inspector in the field. Mortgage drive-by inspections fees have dipped below $3. Mortgage Order Mill (MOM) fraud … already at 99% in the mortgage segment of the industry is rising in 2016. The MOMs have cut staff and are leasing empty offices. Mortgage inspector requirements are increasing and required insurance costs upfront and other costs are reducing profit to maybe a $1.25 per inspection.
For a mortgage field inspector … it’s like driving on Interstate 95 on a snowy – dark – NIGHT – with no lights. Survival is unlikely. The low-fee mortgage drive-by inspector is not going to make it in 2016.