Labor Mobility and Loan Origination
研究发现，限制贷款官员劳动力流动性的法律（不可避免披露原则）能降低抵押贷款违约率、提高贷款修改率并减少止赎率，且不减少贷款供给，有助于稳定房价。
Abstract We find that mortgage loans originated after the adoption of the inevitable disclosure doctrine (IDD; a mechanism discouraging loan officers’ labor mobility) have a lower default probability, a higher loan modification rate, and a lower foreclosure rate. These effects are unaccompanied by any reduction in loan supply and contribute to more stable housing prices. Using the adoption of the Uniform Trade Secrets Act as an alternative identification generates consistent results. Overall, our findings suggest that restricting loan officers’ labor mobility leads to better ex ante screening and ex post monitoring, improving the origination efficiency for U.S. residential mortgage loans.