Loan defect rate tumbles to near-record lows, report claims

National Mortgage News | By Maria Volkova

Published June 21, 2024

Mortgage production defect rates fell into a range near record dataset lows in the last quarter of 2023, an Aces Quality Management trends report published Thursday found.

The fourth quarter saw the overall critical defect rate tick down to 1.53%, despite a challenging origination landscape. On a calendar year basis, the defect rate averaged 1.68%, a nearly 20% decline from 2022.

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