LoanLogics finds persistent 11.5% error rate in US mortgage files

Based on its analysis of industry data and after evaluating thousands of lenders, LoanLogics estimates that inefficient systems, loan file errors and resulting delays throughout the mortgage process have translated to approximately $7.8 billion in higher costs to consumers.

LoanLogics examined data for 2014, 2019 and 2024, evaluating “doc to data” discrepancies where information claimed in a file is incorrect or missing. It also reviewed “doc to doc” discrepancies where documentation claimed to be part of a file is incorrect or missing.

“Our results show zero material improvement in loan file quality after a decade of industry investment and supposed innovation,” said Craig Riddell, executive vice president of market development at LoanLogics.

“A common…