Rising Rates May Increase Defect Risk, According to First American’s Loan Application Defect Index
First American Corporation (New) (FAF)
Last first american corporation (new) earnings: 4/23 06:45 am
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Source: Business Wire
—We have seen this before, in 2013, as mortgage rates rise, so does overall defect, fraud and misrepresentation risk, says Chief Economist Mark Fleming— SANTA ANA, Calif.--(BUSINESS WIRE)-- First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today released the First American Loan Application Defect Index for December 2017, which estimates the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications. The Defect Index reflects estimated mortgage loan defect rates over time, by geography and loan type. It is available as an interactive tool that can be tailored to showcase trends by category, including amortization type, lien position, loan purpose, property and transaction types, and can provide state- and market-specific comparisons
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