We show that as nonbanks' market share increases in a local residential mortgage market, the quality of mortgage services in the market improves. Two instrumental variable analyses exploiting (1) stress tests conducted by the Federal Reserve, and (2) mortgage industry surety bonds required by...

The emergence of online paid micro-crowdsourcing platforms, such as Amazon Mechanical Turk (AMT), allows on-demand and at scale distribution of tasks to human workers around the world. In such settings, online workers come and complete small tasks posted by an employer, working for as long or as...