By Diana Olick | CNBC
Mortgage applications plummeted 27.6 percent on a seasonally adjusted basis for the week that ended Friday from the previous week, the Mortgage Bankers Association said Wednesday.
The drop comes as no surprise, given the 25.5 percent jump the week before, just ahead of the implementation of new mortgage disclosure rules (which go by the acronym TRID). Lenders had to make major changes to their loan processing systems, and the fear was that this would slow applications; borrowers, therefore, rushed to get applications in before the rules went into effect on Oct. 3.
