Audit software and automation solutions company LoanLogics announced Tuesday that 11.5% of all U.S. mortgage file content was missing or erroneous over the past 10 years, according to an analysis of internal data.

LoanLogics provides technology used to originate, manufacture, audit and service loans. Its systems process more than half of all U.S. mortgages each year. Since 2005, the company has extracted and organized nearly 16 billion data elements from unstructured sources and processed some 1.34 billion documents.

Based on its analysis of industry data and after evaluating thousands of lenders, LoanLogics estimates that inefficient systems, loan file errors details ⇒

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