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According to J.D. Power in Troy, despite record new loan originations in 2020, mortgage originators have struggled to manage surging refinancing volume.

In addition, while mortgage firms have undertaken efforts to streamline the new issuance of loans with a one-size-fits-all digital workflow, the offering has caused customer satisfaction to take a significant hit.

“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,” says Jim Houston, managing director of consumer lending and automotive finance intelligence at J.D. Power.