Better volume, profits reduce critical defects in mortgage files

December 19, 2019   |   Article

By Brad Finkelstein

December 19, 2019

The critical defect rate for closed mortgage loans continued its decline in the second quarter, as lenders benefited from increased loan volume and profitability, an Aces Risk Management study found.

For the first time since the third quarter of 2016, the critical defect rate dropped for two consecutive quarters. Higher volume and profits factor in, providing less incentive for some lenders to cut corners to keep production up.

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