DENVER, Colo., Dec 16, 2020 (SEND2PRESS NEWSWIRE) ACES Quality Management(TM) (ACES), the leading provider of enterprise quality management and control software for the financial services industry, announced the release of its quarterly ACES Mortgage QC Trends Report covering the second quarter (Q2) of 2020. The latest report provides an analysis of post-closing quality control data derived from ACES Quality Management & Control Software(TM).
Notable findings from the Q2 2020 report include: The overall critical defect rate of 1.88% is the highest quarterly rate since 2018. Defect increase was driven primarily by a 64% increase in the Income/Employment category. While defects were down in the overall majority of categories, three of the four key borrower qualification categories saw significant defect rate increases compared to Q1 2020.
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Critical Defect Rate Highest Since 2018, Per ACES Quality Management Q2 2020 Mortgage QC Trends Report
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Spike in quarterly defect rate reflects increased unemployment numbers and operational challenges triggered by COVID-19
(DENVER, Colo.) NEWS: ACES Quality Management(TM) (ACES), the leading provider of enterprise quality management and control software for the financial services industry, announced the release of its quarterly ACES Mortgage QC Trends Report covering the second quarter (Q2) of 2020. The latest report provides an analysis of post-closing quality control data derived from ACES Quality Management & Control Software(TM).
Notable findings from the Q2 2020 report include: The overall critical defect rate of 1.88% is the highest quarterly rate since 2018. Defect increase was driven primarily by a 64% increase in the Income/Employment category.