The national mortgage delinquency rate sunk to 4.09 percent in the second quarter of this year, representing a near 26 percent decrease from the same quarter last year, according to data from TransUnion. Don’t act shocked … we all knew that this would happen … and it’s happening. The delinquency rate, which includes loans that are 60 days or more past due, also showed a 10 percent quarterly decline. Mortgage inspection fees (already very low) may decline as field inspectors are chasing fewer inspections. Bank of America sold its field services operations. Wells Fargo is moving some of its work. Foreclosurepedia reports that LPS is reducing its Ohio staff by 75. SOFI polls show mortgage inspection work is dropping. Make sure you have a backup plan. Add some commercial inspections to your portfolio of inspections. I expect that Safeguard Properties (the Wal-Mart of the field services industry … some call them the Dollar Store) will gain a larger share (percentage wise) of the mortgage inspections as mortgage inspection volume continues to decline. Safeguard Properties will soon own the world of mortgage field services … put your own spin on that prediction! Bank stocks may be the place to invest for your retirement.
Mortgage Inspection Volume Dropping FAST … Down 26% In A Year!
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