If you look at a Wilks 2006 reliability diagram for QPF you'll see that all models tend to have a wet bias for QPF. They too often are too wet.
I'm trying to find a specific North American diagram with recent stats, but no luck. For Europe the EPS is something like 80% of the forecasts for heavy QPF, it actually occurs about 50% of the time.
I suspect North America would be no different in that regard.