| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12961 |
| DP12961 The Role of Technology in Mortgage Lending | |
| Philipp Schnabl; James Vickery; Matthew Plosser | |
| 发表日期 | 2018-05-29 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Technology-based (``FinTech'') lenders increased their market share of U.S. mortgage lending from 2% to 8% from 2010 to 2016. Using market-wide, loan-level data on U.S. mortgage applications and originations, we show that FinTech lenders process mortgage applications about 20% faster than other lenders, even when controlling for detailed loan, borrower, and geographic observables. Faster processing does not come at the cost of higher defaults. FinTech lenders adjust supply more elastically than other lenders in response to exogenous mortgage demand shocks, thereby alleviating capacity constraints associated with traditional mortgage lending. In areas with more FinTech lending, borrowers refinance more, especially when it is in their interest to do so. We find no evidence that FinTech lenders target marginal borrowers. Our results suggest that technological innovation has improved the efficiency of financial intermediation in the U.S. mortgage market. |
| 主题 | Financial Economics |
| 关键词 | Financial intermediation Fintech Mortgages |
| URL | https://cepr.org/publications/dp12961 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541769 |
| 推荐引用方式 GB/T 7714 | Philipp Schnabl,James Vickery,Matthew Plosser. DP12961 The Role of Technology in Mortgage Lending. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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