The latest review of loan quality findings by ACES Risk Management (ARMCO) shows that critical defects increased as purchase transactions declined.
The ARMCO Mortgage QC Trends Report for the fourth quarter of 2017 found the critical defect rate increased slightly, from 1.65 percent to 1.68 percent, while the percentage of purchase transactions went down for the second straight quarter.
Read on for more information on why the report showed a shift from TRID defects found in loans.
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