of the Danish mortgage finance system and compare and contrast it to the U.S. system. We also note characteristics of the … Danish model that may be of interest as the United States considers further mortgage finance reform. In particular, the … Danish system includes features that mitigate refinancing frictions during periods of falling home prices, and offers …

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 …