A recent study conducted by J.D. Power, the 2017 J.D. Power U.S. Primary Mortgage Origination Study, showed, for the first time, refinance and purchase customers cited online/website as the most frequent method of submitting a mortgage application.

Even though it did not cross the 50% threshold, a total of 43% of mortgage customers reported applying digitally in 2017, which is up from 28% in 2016.

The J.D. Power study showed that there is a clear trend toward heavy tech development in the mortgage space.

In a different study, the J.D. Power 2017 U.S. Retail Banking Satisfaction Study, it found that more Americans than ever are now using digital banking:
49% of Millennials
31% of Gen Xers
16% of Baby Boomers

Customer satisfaction appears not to track exactly with the implementation of the digital platform. According to the press release put out by J.D. Power, “The mortgage industry’s promise of technology creating a faster and easier mortgage origination process does not appear to be fully recognized, as mortgage customers are reporting slower purchase processes.”

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.