The Rise of Nonbanks and the Quality of Postorigination Mortgage Servicing
研究发现，在地方住宅抵押贷款市场中，非银行机构市场份额增加会改善其发放后的服务质量，主要通过专业化分工和技术投资两个渠道实现。
Abstract As nonbanks’ market share increases in a local residential mortgage market, the quality of their postorigination mortgage servicing improves. This finding is confirmed by two instrumental variable analyses exploiting (1) stress tests conducted by the Federal Reserve, and (2) mortgage industry surety bonds required by each state. Evidence suggests that improvements in service quality arise through two channels. First, expansion in nonbank market share leads to greater lender specialization: nonbanks increasingly service lower-income borrowers, while traditional banks increasingly concentrate on higher-income segments. Second, higher nonbank market share is associated with increased investment in technology by nonbanks.Received: May 22, 2025