是什么推动了非银行抵押贷款发起人的筛选激励?

IF 2 3区经济学 Q2 BUSINESS, FINANCE

Real Estate Economics Pub Date : 2023-09-07 DOI:10.1111/1540-6229.12456

Rohan Ganduri

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引用次数: 0

摘要

摘要:非银行抵押贷款发起人通过发起-分销(OTD)模式运作，占美国所有抵押贷款发起人的一半以上。然而，对于哪些因素推动了非银行机构抵押贷款的质量，人们知之甚少。我表明，外生冲击降低了非银行抵押贷款发起人的融资中介机构的抵押品风险，导致风险更高的抵押贷款的发行增加，最终导致违约后的违约率提高了10-30%。这些结果表明，非银行融资中介机构承担的抵押品风险如何影响OTD模型中抵押贷款发起的质量。总体而言，研究结果突出表明，融资中介机构的监督激励是推动非银行机构发放抵押贷款质量的因素之一。

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What drives screening incentives in nonbank mortgage originators?

Abstract Nonbank mortgage originators, which operate through the originate‐to‐distribute (OTD) model, account for more than half of all the mortgage origination in the United States. However, less is known about which factors drive the quality of mortgage originations through nonbanks. I show that an exogenous shock that reduced collateral risk for funding intermediaries of nonbank mortgage originators led to a greater issuance of riskier mortgages that culminated in 10–30% higher ex post defaults. These results show how the quality of mortgage origination in the OTD model of nonbanks is affected by the collateral risk borne by their funding intermediaries. Overall, the results highlight funding intermediaries' monitoring incentives as one of the factors that drive the quality of mortgage originations through nonbanks .

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来源期刊

Real Estate Economics Multiple-

CiteScore

4.00

自引率

13.60%

发文量

期刊介绍： As the official journal of the American Real Estate and Urban Economics Association, Real Estate Economics is the premier journal on real estate topics. Since 1973, Real Estate Economics has been facilitating communication among academic researchers and industry professionals and improving the analysis of real estate decisions. Articles span a wide range of issues, from tax rules to brokers" commissions to corporate real estate including housing and urban economics, and the financial economics of real estate development and investment.