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.
This marks a notable improvement from the third quarter of 2020, when the critical rate rose to 2.34%, buoyed by increased volume, COVID-19 related compliance changes, and continued high unemployment numbers, the analytics vendor said.
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