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Mortgage Defect Rate Dropped 8%

Mortgage News > Mortgage Defect Rate Dropped 8%
Date: 07/31/2018    Mortgage Defect Rate Dropped 8%

The number of U.S. mortgage loans that include defects, frauds or misrepresentations fell 8% over the past year, according to an index from First American Financial Corp. Among home purchase loans, the defect rate fell even farther, by 12%. This decline continues a 6-month trend and has been aided by increased investment in technology that helps to check for inaccuracies in the mortgage originating and underwriting process.

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