When a mortgage is taken out on a property, it becomes a risk (chance one might suffer financial loss) for the lender.
Since many mortgage companies and banks are not even in the same state as the property they carry as a risk, they need to have a way to minimize the possibilities that they will suffer any financial losses on these properties.
That would include obtaining information such as the occupancy status of the property. If there is no one living at the property there is an increased chance that the property could become damaged. The lender will want to find out the condition of the property, or who is living at the property, whatever information deemed necessary for keeping the property from losing value.
This is where Mortgage Field Inspections come in. These lenders need someone to go to these properties when necessary to gather information and photographs. The lenders do not have the resources however to hire employees to cover every city in every state where these properties are located.
Mortgage Field Inspectors are the independent contractors that are used to provide coverage for these areas and complete these inspections when needed within his or her coverage area.
Some banks will use a large regional or national company that acts as a middle man who then contracts a third party network to carry out the work orders.
The work is paid on a per inspections basis. There are many different types of inspections so there is typically some fluctuation in fees between the simple and more complicated inspections.