Why lenders need to revisit their quality control

Tech that simplifies and streamlines the verification process enables lenders to deliver a better borrower experience

Published March 26, 2021

HousingWire | March 24, 2021 | Matthew Merlone

At the beginning of 2020, industry reporting suggested that lenders were experiencing a decreased number of compliance and quality control issues. However, these problems have ramped up again, due in part to complications related to the pandemic which necessitated social distancing, virtual adoption, remote workforces and stay-at-home orders for many consumers.

According to ACES Quality Control Industry Trends reported for Q3 2020, the overall critical defect rate of 2.34% represents a marked increase from prior quarters and is the highest observed since ACES began publishing the QC Trends Report in 2016. While rates remained low, Q3 also brought newsworthy events that may have impacted performance. Income/Employment defect share fell – a positive sign – but manufacturing-related defects grew.

View Article Source →

View all news

Improve Productivity And Quality While Controlling Costs And Risk

Request a demo