Using a novel database that combines mortgage servicing records, credit-bureau data, and loan application information, we show that lower-income and minority borrowers have significantly higher nonpayment rates during the COVID-19 pandemic, even after controlling for conventional risk factors....

Using a novel database that combines mortgage servicing records, credit-bureau data and loan application information, we show that lower-income and minority borrowers have significantly higher nonpayment rates during the COVID-19 Pandemic, even after controlling for conventional risk factors. A...