Wednesday, 14 April 2021 | The Latest Buzz for the Appraisal Industry

Rate of Defects in Mortgage Applications Jumped in Q3 Due to Surging Purchases

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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