The Mortgage Segment Is On Life Support
Foreclosurepedia reported in a recent headline at the blog that the Property Preservation Wizzard (PPW) website was off line. I checked on Thursday morning (8/4/16) and found the website up. UP or DOWN …. check it out … you decide. The data processors provide a valuable data service for mortgage inspectors who want to farm out some of their low-fee work to other mortgage inspectors. I am sure that the mortgage data processing service volume has slowed significantly for data processors like PPW and East Point Systems. No one can argue against that point.
The facts show that the mortgage segment has SLOWED considerably. The volume of delinquencies and foreclosures are at record lows. Ocwen and Nationstar are on life support. Ocwen stock has dropped from $60 to under $2. The Mortgage Order Mills (MOMs) have cut staff and fees paid to field service representatives. The days of field inspectors being attracted to mortgage inspections is over. The profit on a $3 mortgage inspection is maybe $1.50. Mortgage inspectors must perform over 800 mortgage inspections just to pay about $1,265 in upfront fees for the required background check and insurance. The fees are too low and the mortgage segment has become the home of 99.5% of the fraud, greed and corruption in the industry. Read all of the horror stories at Foreclosurepedia. Many of the MOMs are on life support. Today the MOM IV bag has a fast drip and the MOMs are breathing at a very slow rate.