TRID was meant to have Initial and Closing Disclosure documents that were more borrower friendly, plus they would better understand the true cost of a mortgage initially and through the life of their loan.

Prior to October 1st when the new documents went into effect, there was a considerable number of closings, apparently to beat the new closing disclosure document. Thus, we have seen a drop off in October of applications and closings.

Additionally, origination software vendors are being criticized for not having compliant software effective October 1st. Some companies are, thus, having to complete the new forms manually and slowing the process.

it is estimated that we won’t see a resurgence in the market until Spring, 2016. Time will tell if this holds true.