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Survey Finds Weaknesses in All-Digital Origination Process

“Some level of human interaction” is still needed in the mortgage application and approval process, and boilerplate digital approaches are making borrowers less satisfied with mortgage companies. That's the conclusion of an annual customer survey. So reports Inman.

thumb down 1426814 640 386x400Overall customer satisfaction with mortgage lenders has fallen five points since last year, according to the J.D. Power 2021 U.S. Primary Mortgage Origination Satisfaction Study, and that’s mainly due to borrowers who were attempting to refinance during the recent boom.

A J.D. Power executive said in a statement, “Mortgage originators have been working for years to create an effective and efficient origination process, primarily through digitization of the process and implementation of self-help tools, but the massive surge in volume has exposed some serious weaknesses in that approach.”

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