The rate of critical defects in mortgage loans increased to 1.95% in the fourth quarter of 2021, according to ACES Quality Management Mortgage QC Industry Trends Report.
That’s an increase of 4% compared with the third quarter of 2021.
The report analyzes post-closing quality control data derived from ACES Quality Management & Control software.
Defects related to income/employment decreased in overall share but remained the most frequently cited issue, even after pandemic-related verification issues
