ACES Quality Management, a provider of enterprise quality management and control software services for the financial services industry, has released it’s 2022 year-end Mortgage QC Industry Trends Report which found overall that the critical defect rate at the end of the fourth quarter of 2022 declined 25.5% over the third quarter of 2022, ending the year at 1.84%.
But as averages work, two consecutive quarters that had defect rates over 2% in 2022 meant that the average defect rate for the entire calendar year came out to be 2.07%.