Article By: HousingWire
“In essence, loan officers were submitting a mass of applications the week before TRID, many likely multiple applications through various products — the equivalent of throwing everything against the wall to see what would stick.”
In light of the TRID implementation on October 3, many loans were expedited in order to meet the deadline. In fact, the amount of applications increased 25.5% over one week earlier. After TRID implementation, however, applications fell 27.6%. It’s too early to draw conclusions on TRID-related mortgage volume, but any perceived increase in business was quickly corrected in the weeks following the TRID implementation.
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