How Are Those $3 Mortgage Inspections Working For Los Angeles Mortgage Inspectors?
Los Angeles County continues to have the lowest homeownership rate of any large metro area in the country and rental Armageddon continues. This is across all data. Los Angeles County has 10 million people while the larger LA-OC MSA includes 13 million since it brings in Orange County. Any way you slice the data, Los Angeles is simply not a friendly place to buy a home and the vast majority of people rent and spend a bank breaking amount per month on rents.
How can Los Angeles mortgage inspectors live on the $1.50 profit from a $3 mortgage inspection? The mortgage inspector must perform 843 mortgage inspections just to pay the required $1,265 upfront insurance and background check costs. One Mortgage Order Mill (MOM) requires a mortgage inspector to wait 60 days to get paid. Will a landlord wait 60 days for the rent?