Does Borrower and Broker Race Affect the Cost of Mortgage Credit?
成果类型：
Article
署名作者：
Ambrose, Brent W.; Conklin, James N.; Lopez, Luis A.
署名单位：
Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University System of Georgia; University of Georgia; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/hhaa087
发表日期：
2021
页码：
790
关键词：
摘要：
We test for pricing disparities in mortgage contracts using a novel data set that allows us to observe the race and ethnicity of both parties to the loan. We find that minorities pay between 3% and 5% more in fees than similarly qualified whites when obtaining a loan through the same white broker. Critically, we find that the premium paid by minorities depends on the race of the broker. We also examine recent policy changes around broker compensation rules that may not only reduce these price disparities but may also limit access to credit for minorities.