Bad data on residential loan applications was a little less likely in September, though risk was worse by a fifth compared to last year. Risk jumped in hurricane-affected areas.
At 83 as of September, the U.S. Loan Applications Defect Index was reduced over a percent versus one month earlier.
The decline indicates that the frequency of defects, fraud and misrepresentation for information submitted in mortgage loan applications has subsided.
Source: Mortgage Daily