On the subject of delayed closings, one agent had this to say: “All of my closings are taking two to four weeks longer to close, and there has been a lot of confusion…”
A spokesman for BofA declined to provide any color on the mark, but provided a link to past financial filings where the bank talks about its hedging activities which are based on “model and other cash flow” assumptions.
While most borrowers felt positive about the new forms, 63 percent said their experience with TRID prevented them from closing on their new homes within the desired timeframe.
Craig Dwight, Horizon Bancorp’s chairman and CEO, indicated that the TRID mortgage disclosure rule had an impact on warehouse lending during the quarter.
The average daily trading volume in agency MBS fell to $189.4 billion in March, the lowest reading of the year, and a sign that liquidity may still be an issue, depending on which seat you’re in. According to figures compiled by the Securities Industry and Financial Markets Association, the trading numbers for 2016, so far, haven’t exactly lit the world on fire. In January and February, the readings were $195.1 billion and $201.4 billion, respectively. Last year, the best reading was...
Bank of America and JPMorgan Chase are using somewhat different strategies for conforming mortgages eligible for sale to the government-sponsored enterprises. Both banks are originating significant amounts of conforming mortgages and retaining some of the loans in portfolio instead of delivering them to the GSEs. BofA said its mortgage-banking income has declined due to holding mortgages in portfolio while Chase sold some of the credit risk on its conforming mortgage ...
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