ACES Quality Management, Denver, released its Q3 Mortgage QC Trends Report, finding the overall critical defect rate declined from the second quarter by 17%. The overall rate ended the quarter at 1.51%.
One particularly notable spot, however, was the insurance defect rate. Such defects increased from .65% in Q2 to 3.03% of the share in Q3. Insurance defects were on a roller coaster in 2024; the Q1 rate stood at 8%.
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