Mortgage defect rates likely to improve, Aces says

National Mortgage News | By Brad Finkelstein

Published September 25, 2023

Mortgage manufacturing quality continued to improve during the first quarter, a bright spot in an industry that tolerates a certain level of misrepresentations at times of tight margins and low volume.

The critical defect rate was 1.78% in the first quarter, down from 1.84% in the fourth quarter and an all-time high of 2.47% in the third quarter of 2022, according to post-closing quality control file reviews conducted by Aces Quality Management. For the same period last year, the defect rate was 1.93%. The reviews use Fannie Mae's defect taxonomy to categorize errors.

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