Borrower satisfaction with their lender has dropped in the second quarter and according to a recent report, it could be due to the increase demands lenders are struggling to balance with following a surge in mortgage demand.
"The information comes courtesy of J.D. Power’s 2019 U.S. Primary Mortgage Origination Satisfaction
Study, which shows that overall borrower satisfaction fell from 869 (on a 1,000-point scale) in the first quarter to 853 in the second quarter," according to HousingWire.
"At the same time, mortgage originations rose 54% from the first quarter to the second quarter."
As mortgage originations increased, companies that have replaced "customer-facing" personnel with self-servicing tools are suffering when it comes to overall borrower satisfaction, according to John Cabell, director of wealth and lending intelligence at J.D. Power.
"It is critical that originators get the balance right between tech and staffing to be able to deal with the swings in loan volume that can dramatically change from month to month," said Cabell, according to the report.
To learn more about why borrower satisfaction is on the decline, click on the image above.