The rate of mortgage applications with defective information fell in June, reversing the upward movement from earlier this year, according to First American Financial.
The First American Loan Application Defect Index
The rate of defects had steadily decreased since its peak in 2013, although it has since started to move back upward since the beginning of this year, First American said.
"It's reassuring to see the national mortgage loan defect trend, which had been increasing since the beginning of 2015, now partially reversing," Mark Fleming, First American's chief economist, said in a news release.
The highest rate of defects continues to be concentrated in Florida and Texas, he said.
