Due to increasing purchase volume, the rate of critical defects in mortgage applications increased 25% in the third quarter of 2020 compared with the second quarter of 2020, hitting a five-year high, according to ACES’ Mortgage QC Industry Trends Report.
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.
The share of manufacturing-related defects
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