Technology-based (“FinTech”) lenders increased their market share of U.S. mortgage lending from 2 percent to 8 percent from 2010 to 2016. Using market-wide, loan-level data on U.S. mortgage applications and originations, we show that FinTech lenders process mortgage applications about 20 percent faster than other lenders, even when controlling for detailed loan, borrower, and geographic observables. Faster processing does not come at the cost of higher defaults. FinTech lenders adjust sup...| www.newyorkfed.org
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The FFIEC today announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under HMDA.| Consumer Financial Protection Bureau
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