This paper examines the dynamics between mortgage broker competition, origination fees, and price transparency. A reverse first-price sealed-bid auction model is used to motivate broker pricing behavior. Confirming the model predictions, our empirical analysis shows that increased mortgage...

This paper examines the dynamics between mortgage broker competition, origination fees, and price transparency. A reverse first-price sealed-bid auction model is used to motivate broker pricing behavior. Confirming the model predictions, our empirical analysis shows that increased mortgage...

An expansion in mortgage credit to subprime borrowers is widely believed to have been a principal driver of the 2002-06 U.S. house price boom. Contrary to this belief, we show that the house price and subprime booms occurred in different places. Counties with the largest home price appreciation...