The latest ACES Quality Management report sounds the alarm for lenders: critical loan defects are rising at a troubling pace, with income and employment defects surging by 58% in Q2 2024. This trend, compounded by a 14.56% increase in overall critical defects, highlights a costly challenge that lenders cannot afford to ignore. With GSEs like Freddie Mac penalizing lenders through increased repurchase demands—up 29% in Q2 to $430 million—it's clear that reactive measures are no longer sufficient. The solution lies in proactive automation. By addressing these defects early and often in the origination process, lenders can mitigate the risks of buybacks, loan cures, and operational inefficiencies. Silverwork Solutions’ Persona-Based Bots offer a comprehensive approach to tackle these challenges head-on. Income & Employment Defects Up 58% in Q2 2024. Don't let loan cures and buybacks impact your profitability. Find out how our Persona-Based Bots can help. https://lnkd.in/gEaAcWew #AI #MortgageTech
