HousingWire
By Kelsey Ramírez
April 2018
As purchase mortgages shrank in the third quarter last year, the number of critical defect rates decreased, according to the Q3 2017 ARMCO Mortgage QC Industry Trends report from ACES Risk Management. A critical defect is defined as a defect that would result in the loan being uninsurable or ineligible for sale. The critical defect rate reflects the percentage of loans reviewed for which at least one critical defect was identified during the post-closing quality control review and all reported defects are net defects.
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