NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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James Vickery

Federal Reserve Bank of New York
Financial Intermediation Function
33 Liberty Street
New York, NY 10045
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Institutional Affiliation: Federal Reserve Bank of New York

NBER Working Papers and Publications

April 2018The Role of Technology in Mortgage Lending
with Andreas Fuster, Matthew Plosser, Philipp Schnabl: w24500
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 le...

Published: Andreas Fuster & Matthew Plosser & Philipp Schnabl & James Vickery, 2019. "The Role of Technology in Mortgage Lending," The Review of Financial Studies, vol 32(5), pages 1854-1899. citation courtesy of

 
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