Mortgage Order Mills (MOMs) … Like Sears … Blockbuster … Radio Shack … Are Dead!
The Mortgage Order Mills (MOMs) are paying an average of about $3 for a mortgage inspection. They can’t find any good workers at these low fees. The business model no longer works. The economy is getting better. Mortgage inspectors must pay about $1,265 upfront for insurance before they get their first $3 mortgage inspection … which maybe yields a profit of $1.50. You will have to perform 833 mortgage inspections to pay for the insurance. You may have to wait as long as 60 days for the first paycheck. One Virginia MOM says you have to wait 60 days to get paid and then they don’t pay you.
The MOMs are losing money. Many have gone out of business. Their business structure is changing as two federal court decisions have said that property preservation mechanics are employees and NOT independent contractors.
Mortgage inspections are going the way of Sears, Blockbuster and Radio Shack. Commercial inspections are the Amazon of the field services industry. In the commercial segment you will find higher quality firms that pay the higher fees. You don’t shop at Sears or Radio Shack … you shop at Amazon. The old business models are DEAD! Avoid the Mortgage Segment … there is no money there with low-fee mortgage inspections.