Today, we’re releasing our third iteration of the monthly First American Loan Application Defect Index, which estimates the frequency of defects in the information submitted in mortgage loan applications.

"Even though there was a slight improvement this month, overall the Defect Index has been consistently trending toward increased risk since the series low point in March 2015"

Overall, the index fell 2.4 percent in August as compared with July and decreased by 8.9 percent as compared with August 2014. Even though there was a slight improvement this month, overall the Defect Index has been consistently trending toward increased risk since the series low point in March 2015.

Our Monthly market Close Up focuses on the likelihood of fraudulent wildfire lending in California. For this information, the top five states and markets where defect risk is increasing or decreasing, and more, please visit the Loan Application Defect Index.