This week, First American will release its Loan Application Defect Index that reflects estimated mortgage loan defect rates over time, by geography and loan type and also showcases market specific comparisons of mortgage loan defect levels. The index also estimates the frequency of defects, fraudulence, and misrepresentation in the information submitted in mortgage loan applications. The data releasing this week will focus on the findings for July.
In June, the index indicated that the frequency of defects, fraudulence, and misrepresentation in the information submitted in mortgage loan applications decreased by 3.8 percent compared with the previous month. The defect index for refinance transactions was down 2.8 percent compared with the previous month and 1.4 percent lower than a year ago. “Only five major metropolitan markets experienced an increase in overall defect, fraud and misrepresentation risk compared with a year ago. Many markets experienced significant declines of 10 percent or more," said Mark Fleming, Chief Economist at First American.
Here’s what else is happening in The Week Ahead:
- S&P CoreLogic Case Shiller HPI, Tuesday, 9 a.m. ET
- MBA Mortgage Apps, Wednesday, 7 a.m. ET
- NAR Pending Home Sales Index, Wednesday, 10 a.m. ET
- Consumer Confidence Survey, Wednesday, 9 a.m. ET
- Freddie Mac Primary Mortgage Monitor, Thursday, 9 a.m. ET
Learn more about Loan Defect Trends: