Abstract

We test for pricing disparities in mortgage contracts using a novel data set that allows us to observe the race and ethnicity of both parties to the loan. We find that minorities pay between 3% and 5% more in fees than similarly qualified whites when obtaining a loan through the same white broker. Critically, we find that the premium paid by minorities depends on the race of the broker. We also examine recent policy changes around broker compensation rules that may not only reduce these price disparities but may also limit access to credit for minorities.

中文翻译：

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借款人和经纪人的种族会影响抵押信贷的成本吗？

摘要

我们使用一个新颖的数据集来测试抵押合同中的价格差异，该数据集使我们能够观察贷款双方的种族和种族。我们发现，通过同一白人经纪人获得贷款时，少数族裔比同等资格的白人多支付3％至5％的费用。至关重要的是，我们发现少数群体支付的保费取决于经纪人的种族。我们还研究了有关经纪人补偿规则的最新政策变化，这些变化不仅可能减少这些价格差异，而且可能会限制少数群体获得信贷的机会。