In the first two months of 2020, as mortgage rates plunged down and pushed the refinancing boom further ahead than many experts expected, Black Knight reported interesting findings about where borrowers were getting their refinance loans.
While activity soared, the report also found that in the fourth quarter of 2019, only one in five borrowers remained with their servicer after they refinanced their loan. That level was even lower among cash-out refinances.
Read on for more details from Director of Market Research Andy Walden about some of the reasons behind the slumping retention rates.