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Evaluating the Benefits of a Streamlined Refinance Program

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Abstract

Mortgage borrowers who have experienced employment disruptions as a result of the COVID-19 pandemic are unable to refinance their loans to take advantage of historically low market rates. In this article, we analyze the effects of a streamlined refinance ("refi") program for government-insured loans that would allow borrowers to refinance without needing to document employment or income. In addition, we consider a cash-out component that would allow borrowers to extract some of the substantial amount of housing equity that many have accumulated in recent years.

Suggested Citation

  • Kristopher Gerardi & Lara Loewenstein & Paul S. Willen, 2020. "Evaluating the Benefits of a Streamlined Refinance Program," Policy Hub, Federal Reserve Bank of Atlanta, vol. 2020(8), pages 1-22, June.
    • Handle: RePEc:fip:a00068:99140
    DOI: 10.29338/ph2020-08
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    More about this item

    Keywords

    mortgage; refinance; cash-out; COVID-19;
    All these keywords.

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy

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