What drives screening incentives in nonbank mortgage originators?
研究发现，非银行抵押贷款机构的融资中介面临的抵押品风险降低，会导致其发放更多高风险抵押贷款，最终违约率上升10-30%。
Abstract Nonbank mortgage originators, which operate through the originate‐to‐distribute (OTD) model, account for more than half of all the mortgage origination in the United States. However, less is known about which factors drive the quality of mortgage originations through nonbanks. I show that an exogenous shock that reduced collateral risk for funding intermediaries of nonbank mortgage originators led to a greater issuance of riskier mortgages that culminated in 10–30% higher ex post defaults. These results show how the quality of mortgage origination in the OTD model of nonbanks is affected by the collateral risk borne by their funding intermediaries. Overall, the results highlight funding intermediaries' monitoring incentives as one of the factors that drive the quality of mortgage originations through nonbanks .