The First American Loan Application Defect Index measures the localized frequency of fraudulence, defects and misrepresentation in mortgage loan application information.

The index show in November the defect rate fell 1.3 percent compared with the previous month and dropped 8.2 percent compared with the November 2014 index. The Defect Index reflects mortgage loan defect rates by geography and loan type.

On a monthly basis, the index fell for the fourth consecutive time, showing a 23.5 percent dip from the highest month reported October of 2013.

Refinance transactions saw a dip of 2.9 percent monthly and 10.7 percent annually. Defects on purchase transactions remained fairly unchanged on a monthly basis, but is 8.6 percent lower than the same month a year ago.

In the San Francisco-Oakland-Hayward MSA, the defect index was reported at 73, which was a month-over-month drop of 1.35 percent. Annually, the index dropped 10.98 percent. In the state of California, the index was reported at 76, falling 10.59 percent month-over-month.

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