Category: Article
The 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.
A key indicator of loan buyback risk has fallen back below pre-pandemic levels, according to Aces Quality Management’s most recent quarterly report.
While the events of 2020 were worthy of a Shakespearian drama, it seems the mortgage industry may have only seen Act I, as 2021 has brought with it fresh challenges on the regulatory front. Chief among these is the Consumer Financial Protection Bureau’s April 1 bulletin, warning mortgage servicers that it would begin increasing its scrutiny of servicer’s handling of forbearance requests and loss mitigation efforts after those forbearances expire.
Click here to readThe critical mortgage loan file defect rate for 2020 was the highest since Aces Quality Management started tracking this data in 2016. Loan documentation findings played a significant role in the increase, the audit technology provider found.
Click here to readWhat types of fraud should lenders be on the lookout for in 2021 and beyond?
What are the benefits to using an integrated credit reporting service for post-closing QC reverifications?
