Rocket

Longer loan processing times, infrequent communication and challenges using digital tools adversely impact customer experiences with mortgage originators, but overall customer satisfaction with their lenders increased this year, according to a survey released by J.D. Power on Monday. The J.D. Power 2020 US Primary Mortgage Origination Satisfaction Study found that customer satisfaction increased by six points this year, largely driven by low interest rates amid the Covid-19 pandemic. Specifically, the study found: Average refinancing time took 42 days from application to closing, up from 39 days in 2019 – with customer satisfaction about wait time declining accordingly.Satisfaction with the application and approval process declined 10 points this year.Customers using self-service channels for applications and approvals climbed five percentage points, while…