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Loan Application Defect Risk Index Remains Steady

Phil Hall
May 30, 2018
More people are seeking out mortgage applications, according to Mortgage Bankers Association (MBA) data for the week ending March 22

The frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage applications remained the same in April compared with March, according to the latest Loan Application Defect Index report from First American Financial Corp. On a year-over-year basis, the index increased by 1.2 percent.
The Defect Index for purchase transactions decreased by 2.2 percent compared with the previous month but was 2.2 percent higher compared with a year ago. The Defect Index for refinance transactions increased by 1.4 percent compared with the previous month and is 7.6 percent higher than a year ago.
The five states with the greatest year-over-year increase in defect frequency in April were Arkansas (16.7 percent), Wyoming (13.5 percent), New Mexico (13 percent), Virginia (12.2 percent) and Maryland (10.8 percent). The five states with the greatest year-over-year decrease in defect frequency were: South Carolina (-13.3 percent), Louisiana (-12.9 percent), Minnesota (-10.6 percent), Alabama (-10 percent) and Vermont (-9.6 percent). Virginia Beach, Va., led the major metro areas with the greatest year-over-year increase in defect frequency, with a 24.7 percent spike, followed by Los Angeles with an 18.5 percent upswing. Austin, Texas, and Birmingham, Ala., had the greatest year-over-year decreases at 14 percent and 13.8 percent, respectively.

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