ACES: Critical Defect Rates Up 6%

MBA NewsLink | MBA Staff

Published December 16, 2022

ACES Quality Management, Denver, issued its quarterly Mortgage QC Industry Trends Report, showing the overall critical defect rate increased by 6% in the second quarter to 2.05%, crossing the 2% threshold for only the third time in this report’s history.

The report said while Income/Employment defects continued to represent the majority of defects reported, its overall share of defects decreased from the previous quarter. Loan Documentation defects increased significantly in the second quarter, with Closing Documentation errors comprising the vast majority of these defects.

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