First American: The nation’s mortgage defect risk fell 7% in June

In June, the nation’s mortgage defect risk fell for the third consecutive month, according to the latest First American Loan Application Defect Index. According to the report, the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage applications decreased by 7% from the previous month. That being said, America’s defect risk was still 3.9% higher than the same time period in 2018.