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ACES Quality Management, Denver, said overall critical defect rates increased in the fourth quarter.
Click here to readLast year was the worst ever for critical defects on mortgage applications, as pandemic-related stress on lender operations in the first half resulted in high rates of material misstatements slipping through, according to Aces Quality Management.
Click here to readMortgage lenders generated more defective loans in the second quarter, reflecting the transition from a refinance to a purchase market, according to ACES Quality Management’s latest critical defect report.
Click here to readMortgage application critical defects increased for the first time in three quarters, as errors in the income and employment category were at the highest level since Aces Quality Management started this report in 2016.
Click here to readWhile the last two months of the year typically denote the kickoff to the holiday season, this is also the time of year when lenders turn their attention to developing their strategic and operational plans for the coming year.
Click here to readThe regulatory forecast has warned of increasing regulations and requirements over the last year, and those predictions are now coming to fruition.
Mortgage lenders have been making strides to right their wrongs, with critical defects falling to a rate of 2.01% in the first quarter of 2021, according to ACES Quality Management’s report published this week.
Click here to readThe rate of critical defects in mortgage loans post-closing fell to 2.01% in the the first quarter, down from 2.09% in the fourth quarter of 2020, according to the ACES Mortgage QC Industry Trends Report.
Click here to readThe downward trend in critical defects continued in Q1 2021, ending the quarter at 2.01% versus the prior quarter’s rate of 2.09%, according to ACES Quality Management, a provider of enterprise quality management and control software.
