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Systematic mistakes in the mortgage market and lack of financial sophistication
Agarwal, Sumit; Ben-David, Itzhak; Yao, Wenxiong - 2016
borrower types and provides better pricing. We test the effectiveness of a specific set of contracts in the mortgage market …: mortgage points. Points allow borrowers to exchange an upfront amount for a decrease in the mortgage rate. We document that, on … overestimate how long they will stay with the mortgage …
Persistent link: https://www.econbiz.de/10011962222
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Banking Competition and Shrouded Attributes : Evidence from the US Mortgage Market
Agarwal, Sumit - 2020
We document that banking deregulation leads banks to offer lower initial rates on adjustable-rate mortgages to attract borrowers, but banks also shroud these contracts by increasing back-loaded resetting rates. More shrouding can be explained by higher proportion of naïve borrowers following...
Persistent link: https://www.econbiz.de/10012854765
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Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market
Agarwal, Sumit; Ben-David, Itzhak; Yao, Vincent - National Bureau of Economic Research (NBER) - 2013
Financially constrained borrowers have the incentive to influence the appraisal process in order to increase borrowing or reduce the interest rate. We document that the average valuation bias for residential refinance transactions is above 5%. The bias is larger for highly leveraged...
Persistent link: https://www.econbiz.de/10010703331
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Information salience and mispricing in housing
Agarwal, Sumit; Karapetyan, Artashes - In: Management science : journal of the Institute for … 68 (2022) 12, pp. 9082-9106
Persistent link: https://www.econbiz.de/10014285347
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Mortgage debt, hand-to-mouth households, and monetary policy transmission
Agarwal, Sumit; Deng, Yongheng; Gu, Quanlin; He, Jia; … - In: Review of finance : journal of the European Finance … 26 (2022) 3, pp. 487-520
Persistent link: https://www.econbiz.de/10013253815
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How does working in a finance profession affect mortgage delinquency?
Agarwal, Sumit; Chomsisengphet, Souphala; Zhang, Yunqi - In: Journal of banking & finance 78 (2017), pp. 1-13
Persistent link: https://www.econbiz.de/10011814800
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Lenders' pricing strategy : do neighborhood risks matter?
Agarwal, Sumit; Deng, Yongheng; He, Jia; Wang, Yonglin; … - In: Real estate economics 51 (2023) 4, pp. 1011-1047
Persistent link: https://www.econbiz.de/10014327802
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Collateral Valuation and Borrower Financial Constraints : Evidence from the Residential Real Estate Market
Agarwal, Sumit - 2013
Financially constrained borrowers have the incentive to influence the appraisal process in order to increase borrowing or reduce the interest rate. We document that the average valuation bias for residential refinance transactions is above 5%. The bias is larger for highly leveraged...
Persistent link: https://www.econbiz.de/10013071769
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Collateral Valuation and Borrower Financial Constraints : Evidence from the Residential Real Estate Market
Agarwal, Sumit - 2014
Financially constrained borrowers have the incentive to influence the appraisal process in order to increase borrowing or reduce the interest rate. We document that the average valuation bias for residential refinance transactions is above 5%. The bias is larger for highly leveraged...
Persistent link: https://www.econbiz.de/10013065882
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The Impact of Homeowners' Housing Wealth Misestimation on Consumption and Saving Decisions
Agarwal, Sumit - 2006
A number of studies point out that homeowners on average misestimate their house values. Using a unique dataset of 81,943 house value estimates both by the homeowners and the bank, I find that homeowners overestimate their house value by 3.1%. After controlling for homeowners' socioeconomic...
Persistent link: https://www.econbiz.de/10014057820