The nonbank share of the market for servicing mortgages in Gnnie Mae MBS increased from 35.05 percent at the end of the first quarter of 2015 to 46.73 percent at the end of the first quarter of 2016.
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.
The Mortgage Bankers hailed the bill for supporting a number of MBA priorities and for rejecting an administration proposal to fund FHA technology upgrades through a fee on lenders.
Craig Dwight, Horizon Bancorp’s chairman and CEO, indicated that the TRID mortgage disclosure rule had an impact on warehouse lending during the quarter.
“Investors are taking the conservative approach,” said the Morrison & Foerster attorney. “No one wants to be the test case. They’re all worried about what a court might say.”