How Is Technology Changing the Mortgage Market?

Andreas Fuster, Matthew Plosser and James Vickery ()

No 20180625, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: The adoption of new technologies is transforming the mortgage industry. For instance, borrowers can now obtain a mortgage entirely online, and lenders use increasingly sophisticated methods to verify borrower income and assets. In a recent staff report, we present evidence suggesting that technology is reducing frictions in mortgage lending, such as reducing the time it takes to originate a mortgage, and increasing the elasticity of mortgage supply. These benefits do not seem to come at the cost of less careful screening of borrowers.

Keywords: refinance; mortgage; technology (search for similar items in EconPapers)
JEL-codes: G2 (search for similar items in EconPapers)
Date: 2018-06-25
New Economics Papers: this item is included in nep-pay and nep-ure
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