Under-refinancing limits the transmission of accommodative monetary policy to the household sector and costs mortgage … likelihood mortgage holders are attentive by over 60%, from 24% to 39%. A conservative back-of-the-envelope cost …

We study links between the labor market for loan officers and access to mortgage credit. Using novel data matching the … (near) universe of mortgage applications to loan officers, we find that minorities are significantly underrepresented among … loan officers. Minority borrowers are less likely to complete mortgage applications, have completed applications approved …

We characterize the large number of mortgage offers for which people qualify in the United Kingdom. Very few pick the … dispersion in the mortgage menu is consistent with banks price discriminating for borrowers who might pick poorly, while …

asymptotically normal. Applying my estimator to the subprime mortgage crisis, I quantify what caused the foreclosure rate to triple … standards, with a 10% decline in home prices increasing subprime mortgage default rates by 50% …

This paper studies how tightening monetary policy transmits to the economy through the mortgage market and sheds new …, regions with historically high DTI ratios exhibited greater reductions in mortgage originations, house prices, and consumption …

equilibrium mortgage pricing model with heterogeneous borrowers and use it to show that equilibrium forces imply important cross …-subsidies from borrowers who rarely refinance to those who refinance often. Mortgage reforms can potentially reduce these regressive … example, many policies that lead to more frequent refinancing also increase equilibrium mortgage rates and thus reduce …

Rising interest rates can create "mortgage rate lock" for homeowners with fixed rate mortgages, who can hold onto their … declines and declines relative to homeowners without mortgages, who are unaffected by mortgage rate lock. Mobility declines are …