Three people review a document on a laptop.

Working Paper

Constructing Applicants from Loan-Level Data: A Case Study of Mortgage Applications

February 2025

WP 25-05 (Superseded by WP 25-25)

This paper was superseded by Working Paper 25-25 – Precision Without Labels: Detecting Cross-Applicants in Mortgage Data Using Unsupervised Learning.

Measuring Fairness in the U.S. Mortgage Market

February 2025

WP 25-04 – How fair or unfair is the U.S. mortgage market? We show that the answer crucially depends on one's definition of fairness. By contrasting six competing definitions, we offer a comprehensive view of fairness in this market.

Mortgage Markets

Working Paper

Paying Too Much? Borrower Sophistication and Overpayment in the U.S. Mortgage Market

Neil Bhutta,
Andreas Fuster &
Aurel Hizmo

June 2024

WP 24-11 – Comparing mortgage rates that borrowers obtain to rates that lenders could offer for the same loan, the authors find that many homeowners significantly overpay for their mortgage, with overpayment varying across borrower types and with market interest rates.