While the stock market is at record highs … all-time record highs … mortgage delinquencies and foreclosures are at 10-year lows. The stock market is forecasting a much better economy … with more and better jobs. Mortgage inspectors are bailing out of the mortgage airplane as the aircraft is on fire.
Mortgage Order Mills (MOMs) are offering $3 inspections and requiring mortgage inspectors to pay about $1,265 upfront for insurance and a background check. Some MOMs withhold the first pay check for 60 days. And, then there are chargebacks. The volume of work is at 10-year lows. They do everything wrong. They have no idea of why they cannot attract any field inspectors. The mortgage segment is the home of 99.5% of the fraud, greed and corruption in the industry. And none of the MOMs saw this coming. The airplane is on fire and there have no emergency mayday calls. Many of these MOMs are going to get everything that they deserve.