Low interest rates and better loan processing have produced the lowest national level of loan defect and misrepresentation in the recent past, according to First American Financial Corp.
- The First American Loan Application Defect Index showed defects, fraudulence and misrepresentation on loan applications across the U.S. declined 16.7 percent year-over-year.
- Affordable housing and income growth in the South has attracted more buyers, which has elevated the risk factors due to increased demand.
- San Francisco's Defect Index decreased 18.99 percent year-over-year, to 64. There has been steady decline over the summer, with a 1.54 percent decrease month-over-month in July.