The economy continues to grow and the number of Mortgage Order Mills (MOMs) in the industry is trending down. The MOMs cannot recruit mortgage field inspectors with historically low inspection fees and huge start-up expenses. The profit from the first 833 mortgage inspections goes to paying off the start-up fees and there will often be a wait of 60 days to get paid. The MOMs cannot understand why everyone hates mortgage inspections. Aim Your Way is this week’s example of a Mortgage Order Mill closing its doors.
Look at the unemployment situation in Wisconsin. Unemployment rates in Wisconsin continued to drop in all 72 counties last month when compared to September 2016, according to federal data released by the state. Dane County, along with Green, Iowa and Lafayette counties, had the state’s lowest unemployment rates, each standing at 2.3 percent, according to the state Department of Workforce Development. Dane County’s rate in September 2016 was 2.8 percent. Fitchburg continued to have the state’s lowest municipal unemployment rate at 2.2 percent, followed by Madison at 2.3 and Sun Prairie at 2.4. Racine had with the highest unemployment rate, 4.9 percent, among cities in September, though that’s down from 6 percent in the same month last year. Menominee County ranked last for counties with its employment rate of 5.2 percent, down from 6.9 percent in September 2016.
The state’s unemployment rate stood at 3.5 percent in September, though it should not be compared to municipal and county data because the latter figures are not seasonally adjusted. Over the last year, 34,600 non-farm jobs and 28,800 private-sector jobs have been added in Wisconsin. The state also saw a year-over-year-gain of 12,600 manufacturing jobs, which DWD said was the second-highest in the country. Initial claims for unemployment insurance are running at the lowest rate in the last 30 years, the department said.
The U.S. economy is improving and the Mortgage Order Mills hate it … they are going out of business like Sears and Radio Shack. They continue to pay historically low inspections fees with historically high start-up cost requirements and then they wonder why no-one wants mortgage inspections.
Commercial inspections are still the sweet spot in the industry. Think of commercial inspections and think Amazon. Most inspectors are unaware of the opportunities with commercial inspections. They are afraid of commercial inspections … most of which are easy to perform.