AgentIndustry News

TRID tanked originations in Q4

Purchase loan originations fell 24 percent quarter-over-quarter thanks to challenges posed by the complex regulation, according to RealtyTrac report

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A sharp drop in purchase loan originations in the fourth quarter of 2015 -- the product of compliance challenges posed by the implementation of the Consumer Financial Protection Bureau’s TRID (TILA-RESPA Integrated Disclosures) rule in October -- was slightly offset by a small increase in refinance originations, according to RealtyTrac’s latest U.S. Property Residential Property Loan Origination Report. Results According to the report, during Q4, nearly 1.6 million loans were originated on residential properties, with purchase originations accounting to nearly 39 percent of all originations and refinances accounting for nearly 43 percent of all originations. Purchase originations fell 24 percent quarter-over-quarter, the biggest quarterly drop in purchase originations in more than five years, RealtyTrac said. Refinances also declined, with RealtyTrac reporting a 7-percent drop from Q3 2015, but they were still up 2 percent from the same period a year ago. In addi...