Consumer Finance

Our Consumer Finance Institute researches how people earn, spend, save, and invest, as well as how credit markets and payment systems affect the economy. Our goal is to foster a healthy consumer sector, a stable financial system, and a resilient regional and national economy.

Mortgage Markets

Working Paper

Inequality in the Time of COVID-19: Evidence from Mortgage Delinquency and Forbearance

WP 21-09 – Using a novel database that combines mortgage servicing records, credit-bureau data, and loan application information, we show that lower-income and minority borrowers have significantly higher nonpayment rates during the COVID-19 pandemic, even after controlling for conventional risk factors.

Consumer Credit

Working Paper

Does CFPB Oversight Crimp Credit?

WP 21-08 - We study how regulatory oversight by the Consumer Financial Protection Bureau (CFPB) affects mortgage credit supply and other aspects of bank behavior.

CFI COVID-19 Survey of Consumers – Wave 7

This report shares results from Wave 7 of a national survey of consumers investigating the effects of COVID-19 on renters and mortgage holders, with updates to previous data on job and income loss and financial security.





Fourth Biennial Conference on Auto Lending


Woman with a mask looking at a tablet, with a man and older woman looking on.

Mortgage Markets

Working Paper

Eviction Risk of Rental Housing: Does It Matter How Your Landlord Finances the Property?

WP 21-05 – We show, using a stylized model, how the financing choice of landlords can impact eviction decisions in rental markets.

Consumer Credit

Working Paper

Using High-Frequency Evaluations to Estimate Discrimination: Evidence from Mortgage Loan Officers

WP 21-04 – We develop empirical tests for discrimination that use high-frequency evaluations to address the problem of unobserved heterogeneity in a conventional benchmarking test.

CFI COVID-19 Survey of Consumers – Wave 6

This report shares results from Wave 6 of a national survey of consumers investigating COVID-19 impacts on job status, income, and personal financial security.