Amid the emerging dominance of nonbanks, small banks use key financing advantages to persist in the mortgage market. We provide evidence of the heterogeneous impact of two shocks to the supply of mortgage credit: postcrisis regulatory burden and GSE financing cost changes. Small banks exploit regulation disproportionately affecting the largest four banks (Big4) and their ability to lend on balance sheet to strongly substitute for the retreating Big4. The erasure of guarantee fee (g-fee) discounts for large lenders facilitates small bank growth in GSE lending. Small banks also grow balance sheet loans in areas more exposed to g-fee hikes.

中文翻译：

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金融科技和影子银行时代的小银行借贷：一场杂耍？

在非银行机构逐渐占据主导地位的情况下，小银行利用关键的融资优势在抵押贷款市场上持续存在。我们提供了两种冲击对抵押信贷供应的异质影响的证据：危机后监管负担和 GSE 融资成本变化。小银行利用监管不成比例地影响最大的四家银行 (Big4) 及其在资产负债表上放贷的能力，以强烈替代正在撤退的 Big4。大型贷方取消担保费 (g-fee) 折扣有助于小型银行在 GSE 贷款方面的增长。小型银行还在更容易受到 g-fee 上涨影响的地区增加资产负债表贷款。