Key Takeaways
- Three-layer error prevention (templates, pre-closing review, second-party verification) reduces errors from 5-8% to under 2%.
- Ten common closing errors range from minor (name misspellings) to severe (incorrect legal descriptions).
- Error recovery timeline ranges from 1-2 weeks for minor corrections to 2-12 months for severe defects.
- Immediate action within 24 hours of error discovery prevents minor errors from compounding.
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Test Your Knowledge
1.What is operational risk?
2.What is a risk register?
3.What is the Recovery Time Objective (RTO)?