The biggest surprise in the August employment report was the 0.4% increase in average hourly earnings. That pushed the year-over-year rate to 2.9%, which is the highest since May 2009. The field services industry saw no increases in fees paid for inspections. Mortgage inspection fees have been TRENDING DOWN for more than 20 years.
Mortgage inspections paid more 20 years today and they required a lot fewer photos … most required no photos … and a lot less work. Mortgage inspectors were trusted more 20 years ago. Insurance was not required and there were no inspector-paid fees for background checks. The average mortgage inspection TODAY pays about $3 and the profit is “MAYBE” $1.50. How do you think the hourly pay of a mortgage inspector compares to a Nike factory worker in Vietnam?
Don’t expect any mortgage inspection fee increases in 2019 as many of the Mortgage Order Mills are on life support.
Connect with the higher quality firms that pay the higher fees.