| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24500 |
| 来源ID | Working Paper 24500 |
| The Role of Technology in Mortgage Lending | |
| Andreas Fuster; Matthew Plosser; Philipp Schnabl; James Vickery | |
| 发表日期 | 2018-04-16 |
| 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 ; Financial Institutions |
| URL | https://www.nber.org/papers/w24500 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582174 |
| 推荐引用方式 GB/T 7714 | Andreas Fuster,Matthew Plosser,Philipp Schnabl,et al. The Role of Technology in Mortgage Lending. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24500.pdf（705KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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