Accurate and unbiased property value estimates are essential to credit risk management.
Along with loan amount, they determine a mortgage's loan-to-value ratio, which captures the …

This paper exploits a natural experiment afforded by the fracking boom in Pennsylvania to
shed light on the determinants of mortgage default. Looking only at mortgages originated …

Using property transaction and financing data, we document large cross-sectional
differences in how effective houses are as collateral for mortgages. Older and less …

Securitized mortgage appraisals routinely target pre-specified valuations, 45% of purchase
loan appraisals exactly equal purchase prices, and appraisals virtually never fall below …

Purpose The primary purpose of this paper is to determine the role of behavioral
characteristics of young adults on housing and real estate loan default intentions. The …

In mortgage debt contracts, real property serves as collateral and the terms of mortgage
financing are largely conditional on the certification of collateral value by appraisers …

The expansion of iBuyer's use of PropTech to major housing markets raises a series of
questions for both buyers and sellers when making instant, all-cash offers. This study uses a …

This paper studies expected loan loss and adverse selection in private mortgage
securitization. The research extends the previous literature on securitization that has …

We examine the incidence of racial bias in property appraisals using a nationwide sample of
refinanced mortgages from 2000 to 2007. Uniquely, our data allow us to observe the race of …

An expansion in mortgage credit to subprime borrowers is widely believed to have been a
principal driver of the 2002-2006 US house price boom. By contrast, this paper documents a …