According to MetaSource's review of its 2022 QC audit findings, there was an increase in defects that most closely correlate to repurchase risk. Four defects related to proof of a borrower's ability to meet mortgage obligations jumped in ranking this past year: missing income documentation, insufficient assets to close, incorrect income calculation, and undisclosed borrower liabilities. This is a troubling conclusion in any year, but more so in light of the 2023 recession risk, according to MetaSource Senior Director of Mortgage Services Brady Meadows. "One thing we see year-over-year is the constant waste of time spent chasing (missing) documents," Meadows said. Redfin: Homebuyers' Monthly Payments Hit Record High As Mortgage Rates Rise Redfin, Seattle, said the typical homebuyer's monthly payment hit a record-high $2,563 last week, up 29% from $1,988 a year ago, dampening demand and preventing many would-be sellers from listing their homes.