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How Is Technology Changing the Mortgage Market?

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Abstract

The adoption of new technologies is transforming the mortgage industry. For instance, borrowers can now obtain a mortgage entirely online, and lenders use increasingly sophisticated methods to verify borrower income and assets. In a recent staff report, we present evidence suggesting that technology is reducing frictions in mortgage lending, such as reducing the time it takes to originate a mortgage, and increasing the elasticity of mortgage supply. These benefits do not seem to come at the cost of less careful screening of borrowers.

Suggested Citation

  • Andreas Fuster & Matthew Plosser & James Vickery, 2018. "How Is Technology Changing the Mortgage Market?," Liberty Street Economics 20180625, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:87261
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    More about this item

    Keywords

    refinance; mortgage; technology;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services

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