The research noted that homeowners tapped $80 billion in equity in the fourth quarter alone, the highest quarterly volume in 15 years. In addition, the studies found that, despite total retention reaching an eight-year high in the fourth quarter, cash-out retention is eight percentage points lower than rate/term refi’s, notwithstanding the market’s transition to equity-centric lending. Borrowers who switched lenders received rates that were just five basis points lower on average than those who stayed with their current lender, demonstrating that, while pricing is important, it is not the primary factor in customer retention.

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