Critical defect rate of closed loans spiked in 2Q due to COVID-19

National Mortgage News- Brad Finkelstein

Published December 16, 2020

Critical defects found in closed mortgage loan files were at their highest since 2018 in the second quarter, due to conditions created by the pandemic, a review conducted by Aces Quality Management found.

The overall critical defect rate was 1.88% for the second quarter, up from 1.56% in the first quarter and 1.72% in the second quarter of 2019.

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