By staff at MBA NewsLink
ACES Risk Management, Denver, said the overall critical defect rate reached 1.56% in the third quarter, to the lowest defect rate since 2016.
The company’s quarterly Mortgage QC Trends Report said the decrease represents a 19% improvement from the most recent critical defect rate peak, which occurred in Q4 2018.
“The driving force behind Q3’s strong critical defect rate is the increase in refinances, which accounted for 40% of the overall volume of loans reviewed this quarter,” said ARMCO Executive Vice President Nick Volpe. “Given the current rate environment and overall mortgage market conditions, ARMCO’s outlook for both the critical defect rate and the market as a whole remains incredibly strong.” said ARMCO Executive Vice President, Nick Volpe...
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