July 2018 Loan Application Defect Index

First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; and banking, trust and wealth management services. FHA offers more flexibility in credit and income. Having used the service of our company you will avoid bureaucracy of bank institutions. Don't waste your time. Recent News Loading content, please wait The index is based on the frequency with which defect indicators are identified. All business will get complaints.

Impact of FinTech Investment Felt in Nearly All Markets

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The Loan Application Defect Index for purchase transactions continued its downward trend, declining 1. Yet, is declining loan application misrepresentation, defect and fraud risk isolated to a few markets or is the trend more geographically broad based? The Defect Index also measures loan application misrepresentation, defect and fraud risk over time in 50 of the largest markets in the U.

When analyzing local market level data, comparing data at three-month intervals tends to be more helpful in identifying trends than data from more volatile month-to-month comparisons. Nationally, the Defect Index decline of 7. In every other market, loan application, misrepresentation, defect and fraud risk declined. In some markets the decline was substantial.

In 39 markets, defect risk declined more than 5 percent, while the three-month decline in risk exceeded 10 percent in 11 markets. The mortgage finance industry's significant investment in financial technology to deliver a convenient, digital, highly automated and all-around better home-buying experience has also enhanced the mortgage manufacturing and underwriting process, producing declining levels of defect risk.

The benefits of this investment are not geographically specific, so it's no surprise that we see the impact of this investment in the vast majority of markets.

The question is not where is defect risk declining, but when will it stop? The index is based on the frequency with which defect indicators are identified. The Defect Index moves higher as greater numbers of defect indicators are identified. An increase in the index indicates a rising level of loan application defects. This is very frustrating that these people are out there getting away wih this.

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