Over the past year, the risk of bad information being submitted on mortgage applications has worsened. Florida high-rise condominiums are an especially risky category.
As of January 2018, the Loan Application Defect Index was 83. The index was benchmarked to a value of 100 in January 2011 — reflecting currently lower risk.
The index is an estimate of the level of defects, fraudulence and misrepresentation detected in the information submitted in residential loan applications.
Source: Mortgage Daily
