{"id":82597,"date":"2022-06-16T06:58:06","date_gmt":"2022-06-16T10:58:06","guid":{"rendered":"https:\/\/www.send2press.com\/wire\/?p=82597"},"modified":"2022-06-15T18:22:53","modified_gmt":"2022-06-15T22:22:53","slug":"q4-2021-critical-defect-rate-rose-to-1-95-per-aces-quality-management-mortgage-qc-industry-trends-report","status":"publish","type":"post","link":"https:\/\/www.send2press.com\/wire\/q4-2021-critical-defect-rate-rose-to-1-95-per-aces-quality-management-mortgage-qc-industry-trends-report\/","title":{"rendered":"Q4 2021 Critical Defect Rate Rose to 1.95%, Per ACES Quality Management Mortgage QC Industry Trends Report"},"content":{"rendered":"<p>DENVER, Colo., June 16, 2022 (SEND2PRESS NEWSWIRE) &#8212; <a href=\"https:\/\/www.acesquality.com\/\">ACES Quality Management\u00ae<\/a> (ACES), the leading provider of enterprise quality management and control software for the financial services industry, announced the release of its quarterly <a href=\"https:\/\/www.acesquality.com\/resources\/reports\">ACES Mortgage QC Industry Trends Report<\/a> covering the fourth quarter (Q4) and full calendar year (CY) of 2021. The latest report analyzes post-closing quality control data derived from <a href=\"https:\/\/www.acesquality.com\/products\/aces-quality-management-control\">ACES Quality Management &amp; Control\u00ae software<\/a>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.send2press.com\/wire\/images\/22-0113-s2p-aces-qm-800x600.jpg\" alt=\"ACES Quality Management\" width=\"800\" height=\"600\" class=\"alignnone size-full wp-image-78173\" srcset=\"https:\/\/www.send2press.com\/wire\/images\/22-0113-s2p-aces-qm-800x600.jpg 800w, https:\/\/www.send2press.com\/wire\/images\/22-0113-s2p-aces-qm-800x600-300x225.jpg 300w, https:\/\/www.send2press.com\/wire\/images\/22-0113-s2p-aces-qm-800x600-696x522.jpg 696w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><br \/><em><small>IMAGE CAPTION: ACES Quality Management logo.<\/small><\/em><\/p>\n<p><strong>Notable findings from the Q4 2021 report include: <\/strong><\/p>\n<ul>\n<li>The overall critical defect increased 0.08% to 1.95%, a change of 4% from the prior quarter, as lenders transitioned to a purchase-heavy lending environment.<\/li>\n<li>Income\/Employment defects declined in overall share but remained the No. 1 most frequently cited issue, even after pandemic-related verification issues had subsided.<\/li>\n<li>Appraisal-related defects rose in Q4 2021 after experiencing minimal levels throughout the last refinance cycle.<\/li>\n<li>Purchase review share was 20 points higher than refinances.<\/li>\n<li>Conventional lending share is now 8 points below the pandemic peak amid a mini-resurgence in FHA lending.<\/li>\n<\/ul>\n<p>\u201cWhile the overall defect rate rose slightly in Q4 2021, defect rates have improved in totality when comparing 2021 to 2020,\u201d said ACES Executive Vice President Nick Volpe. \u201cGiven the uptick in Q4 and the persistent issues we\u2019re still seeing in the Income\/Employment category, lenders should focus their efforts on shoring up this component of their underwriting process.\u201d<\/p>\n<p>Findings for the <a href=\"https:\/\/www.acesquality.com\/resources\/reports\/q4-2021-aces-mortgage-qc-industry-trends\">Q4 2021 ACES Mortgage QC Industry Trends Report<\/a> are based on post-closing quality control data derived from the ACES Quality Management and Control\u00ae benchmarking system and incorporate data from prior quarters and\/or calendar years, where applicable. All reviews and defect data evaluated for the report were based on loan audits selected by lenders for full file reviews.<\/p>\n<p>\u201cAs lenders battle over volume, quality control and compliance teams are more important than ever to ensure that the loans that make it through the door meet all regulatory and eligibility requirements,\u201d said ACES CEO Trevor Gauthier. \u201cOn the origination side, we\u2019re seeing the credit box expand to help qualify more borrowers and maintain share. And with 1.3 million loans still in active forbearance along with the renewed focus on servicing from the CFPB and other regulators, servicers and lenders alike must be diligent in their compliance practices to survive this increased level of scrutiny. Leveraging a system like ACES helps both sides of the house ensure they are auditing to the best and most up-to-date standards.\u201d<\/p>\n<p>Mortgage QC Industry Trends Reports are available for download, free of charge, at\u00a0<a href=\"https:\/\/www.acesquality.com\/resources\/reports\">https:\/\/www.acesquality.com\/resources\/reports<\/a>.<\/p>\n<p><strong>About ACES Quality Management:<\/strong><\/p>\n<p>ACES Quality Management is the leading provider of enterprise quality management and control software for the financial services industry. The nation\u2019s most prominent lenders, servicers and financial institutions rely on ACES Quality Management &amp; Control\u00ae software to improve audit throughput and quality while controlling costs, including:<\/p>\n<ul>\n<li>4 of the top 5 and more than 50% of the top 50 independent mortgage lenders;<\/li>\n<li>7 of the top 10 loan servicers;<\/li>\n<li>11 of the top 30 banks; and<\/li>\n<li>1 of the top 3 credit unions in the USA.<\/li>\n<\/ul>\n<p>Unlike other quality control platforms, only ACES delivers Flexible Audit Technology, which gives\u00a0independent mortgage lenders and financial institutions\u00a0the ability to easily manage and customize ACES to meet their business needs\u00a0without\u00a0having to rely on IT or other outside resources. Using a customer-centric approach, ACES clients get responsive support and access to our experts to maximize their investment. For more information, visit <a href=\"https:\/\/www.acesquality.com\/\">www.acesquality.com<\/a> or call 1-800-858-1598.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DENVER, Colo., June 16, 2022 (SEND2PRESS NEWSWIRE) &#8212; ACES Quality Management&#xae; (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 Industry Trends Report covering the fourth quarter (Q4) and full calendar year (CY) of 2021. The latest report analyzes post-closing quality control data derived from ACES Quality Management &#038; Control&#xae; software.<\/p>\n","protected":false},"author":4935,"featured_media":78173,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[39,12804,1,29,141,38,10711,264,6],"tags":[205,3673,8665],"class_list":["post-82597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-news","category-ap","category-business-news","category-colorado-news","category-denver-news","category-finance-news","category-fintech","category-research-reports-news","category-software-news","tag-depthpr","tag-housing-market","tag-mortgage-qc-industry-trends","has-post-title","has-post-date","no-post-category","no-post-tag","no-post-comment","has-post-author"],"acf":[],"views":3205,"_links":{"self":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/82597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/users\/4935"}],"replies":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/comments?post=82597"}],"version-history":[{"count":0,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/82597\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media\/78173"}],"wp:attachment":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media?parent=82597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/categories?post=82597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/tags?post=82597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}