October 15, 2015
New data from the Mortgage Bankers Association (MBA) shows that total mortgage applications decreased 27.6 percent from the previous week as a result of CFPB’s TILA-RESPA integrated disclosures (TRID) rule, which became effective on October 3rd. Additionally, the Refinance Index dropped 23 percent over this period. These figures reflect applications filed through the week ending October 9th.

The MBA weekly mortgage index surveys 75 percent of all U.S. residential mortgage applications and samples mortgage bankers and commercial banks and thrifts.

“Application volume plummeted last week in the wake of the implementation of the new TILA-RESPA integrated disclosures, which caused lenders to significantly revamp their business processes, and as a result dramatically slowed the pace of activity,” said Mike Fratantoni, MBA's Chief Economist. “The prior week’s results evidently pulled forward much of the volume that would have more naturally taken place into this week.”

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