Tag Archives: defect rate

“With 1.3 million loans still in active forbearance along with the renewed focus on servicing from the CFPB and other regulators, servicers and lenders alike must be diligent in their compliance practices,” said Nick Volpe, ACES EVP.

The rate of defects and fraud in mortgage applications is up. The Defect Index on purchase applications rose 2.4 percent over the month, and for refinance applications, it jumped 3.3 percent. Defects were worse in the Southern part of the U.S.