NDLI: The Role of Technology in Mortgage Lending

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The Role of Technology in Mortgage Lending

Content Provider	Scilit
Author	Fuster, Andreas Plosser, Matthew C. Schnabl, Philipp Vickery, James I.
Copyright Year	2018
Description	Journal: SSRN Electronic Journal Technology-based (“FinTech”) lenders increased their market share of U.S. mortgage lending from 2 percent to 8 percent 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 percent 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.
Related Links	https://www.econstor.eu/bitstream/10419/189877/1/sr836.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=3127175
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.3127175
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2018-01-01
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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