Economic Center Blog
Welcome to the First American Economic Center Blog, a top source for the latest housing market research and analysis driven by Chief Economist Mark Fleming.

Defect Risk Declines Nationally, But Future Increases Possible For Regions Impacted By Natural Disasters

By Mark Fleming on December 3, 2018

For the second month in a row, the Loan Application Defect Index for purchase transactions increased in October compared with the previous month. Year over year, the Defect Index for purchase transactions decreased 8.9 percent compared with October 2017. The Defect Index for refinance transactions increased 1.4 percent compared with the...

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Topics: Loan Application Defect Index, Fraud

What Can Hurricane Irma Teach Us About Defect Risk Trends Following Hurricanes Florence And Michael?

By Mark Fleming on October 26, 2018

For the first time in eight months, the Loan Application Defect Index for purchase transactions increased compared with the month before, rising 1.3 percent in September over August. Year over year, the Defect Index for purchase transactions decreased 11.1 percent. The Defect Index for refinance transactions also increased by 1.4 percent...

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Topics: Loan Application Defect Index, Fraud

Do Hurricanes Influence Mortgage Fraud Risk?

By Mark Fleming on September 26, 2018

Following seven straight months of declining defect risk, the Loan Application Defect Index for purchase transactions remained the same in August compared with the month before. Year over year, the Defect Index for purchase transactions decreased 13.2 percent as compared to August 2017. The Defect Index for refinance transactions is the same as...

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Topics: Loan Application Defect Index, Fraud

Impact Of FinTech Investment Felt In Nearly All Markets

By Mark Fleming on August 31, 2018

The Loan Application Defect Index for purchase transactions continued its downward trend, declining 1.3 percent in July compared with the month before, the seventh consecutive month defect risk in purchase transactions have fallen. Yet, is declining loan application misrepresentation, defect and fraud risk isolated to a few markets or is the...

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Topics: Loan Application Defect Index, Fraud

How Millennial Home Buying Expectations Unintentionally Reduced Loan Application Defect Risk

By Mark Fleming on July 31, 2018

As the mortgage market has continued its transition away from refinances to a predominantly purchase-oriented loan market, the Loan Application Defect Index for purchase transactions has continued to decline, dropping 3.6 percent in the last month and 12.1 percent in the last year. This officially marks a six-month long decline in defect, fraud...

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Topics: Loan Application Defect Index, Fraud, Millennials

Good Timing: Loan Application Defect And Fraud Risk Drops As Home Purchases Take Higher Share Of Mortgage Market

By Mark Fleming on June 28, 2018

By now, everyone in the mortgage industry is aware that we are entering a market that will be dominated by purchase demand for the next several years. According to the latest Mortgage Bankers Association forecast, refinance transactions will make up 28 percent of total mortgages originated in 2018 and is forecasted to drop to 23 percent by...

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Topics: Loan Application Defect Index, Fraud, Interest Rates

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