According to a report from the Urban Institute, about 66% of DETROIT residents have debt in collections — meaning more than 180 days past due — at a median amount of $1,847. Across the U.S., 35% of Americans have debt in collections.
It is hard to believe that 66 percent of the residents of DETROIT could have debt in collections, but without a doubt the city of DETROIT is a complete and utter economic wasteland at this point. Detroit needs help … they need jobs that pay well.
So how do you think the $3 mortgage inspections are helping DETROIT mortgage field service inspectors? The profit is “maybe” about $1.50. The “required” upfront E&O insurance cost is about $1,200. The profit from the FIRST 800 mortgage inspections goes to paying for the insurance. Some of the Mortgage Order Mills (MOMs) have a pay schedule where you are paid 60 days after you have completed the work. Pay $1,200 upfront for insurance and then wait months to get paid.
Avoid mortgage inspections. Always do the math BEFORE you accept any tasks.