... [+]Mortgage activity surged from late summer into fall. On the backs of historically low mortgage rates, purchase applications were up 15% over the year and refinances jumped even more—at one point clocking in 199% higher than just a year prior.
Overall satisfaction dropped 16 points from Q1 to Q2, marking a “sharp” decline, according to the report. John Cabell, J.D. Power’s director of wealth and lending intelligence, says an increased use of tech, as well as reduced staffing, may have been at fault. Satisfaction was lowest with borrowers purchasing a home and those whose lenders used “intermediaries” or other third-parties throughout the process.
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