Critical defects in mortgage files reach highest level in years

National Mortgage News | By Brad Finkelstein

Published June 22, 2021

The 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.

Such issues, which are indicative of manufacturing process errors, were second last year to income and employment as sources of critical defects found in post-closing reviews of mortgage files conducted by Aces. Loan documentation problems were found in 16.6% of the files examined, up from just under 15% for 2019.

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