Financial Literacy, Broker–Borrower Interaction and Mortgage Default
研究发现，在贷款发放前，抵押贷款经纪人与借款人的面对面互动与较低的违约率相关，且这种关系仅对金融素养较低的借款人（如少数族裔、低教育水平地区居民、低收入者及低信用评分者）成立，表明面对面互动可能缓解金融文盲带来的问题。
This article examines the relationship between broker–borrower interaction in the origination process and subsequent mortgage performance. I show that face‐to‐face interaction between a mortgage broker and borrower before the loan funds is associated with lower levels of ex post default. The relation between face‐to‐face broker–borrower interaction and mortgage performance holds only for borrowers that have characteristics associated with low levels of financial literacy. Specifically, face‐to‐face interaction is negatively related to default for minorities, borrowers located in areas with low levels of education, low‐income borrowers and borrowers with low FICO scores. My results suggest that face‐to‐face interaction between the mortgage broker and borrower may reduce problems associated with financial illiteracy.