Defects in single-family loan applications remain substantially higher than one year ago. But defects have more recently stabilized and are likely to remain stable.
An estimate of the frequency of defects, fraud and misrepresentation in mortgage application information, the Loan Application Defect Index, was 83 in November.
That turned out to be the same as the previous month. But the level of defects deteriorated from the same month last year, when the index was previously reported at a record-low 68.
Source: Mortgage Daily