Critical errors continue to rise as market shifts to purchases

Published January 31, 2018

National Mortgage News
By Brad Finkelstein
January 2018

Lenders need to be aware of a possible investor backlash as critical defects found in closed loans increased in frequency as the shift continued to a purchase market. These defects, the errors that make a mortgage loan uninsurable or ineligible for sale in the secondary market, were seen in 1.76% of all mortgages originated in the second quarter, up from 1.61% in the first quarter and 1.63% in the second quarter of 2016, according to Aces Risk Management.

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