The Mortgage Segment Is In A Graveyard-Death Spiral
Craigslist is flooded with Mortgage Order Mill (MOM) ads offering huge volumes of low-fee mortgage inspections. Huge volumes are available because no one wants these low-fee inspections. One Buffalo MOM says in a Craigslist ad that job applications must agree to drive in all weather.
There are signs that the economy is getting better. The supply of mortgage inspectors is decreasing. And, most mortgage inspectors will not venture into the higher paying field inspections … they just won’t reach out for better stuff in life. It’s one of those mysteries that can never be explained.
The economy is getting better. The Philadelphia Fed said its manufacturing index soared in February to a reading of 43.3 from 23.6 in January. That’s the highest level since early 1984. The equivalent New York Fed index jumped to 18.7 in February from 6.5 in the prior month.