文献类型：期刊文献

英文题名：Beyond origination charges: The pass-through of GSE upfront fee adjustments in 2022

作者：Wu, Di[1];Deng, Nanxin[2]

机构：[1]Harbin Inst Technol, Sch Management, Habrin, Peoples R China;[2]East China Univ Sci & Technol, Business Sch, Shanghai, Peoples R China

年份：2024

卷号：59

外文期刊名：FINANCE RESEARCH LETTERS

收录：;WOS:【SSCI(收录号:WOS:001129904300001)】；

语种：英文

外文关键词：Mortgage; Pricing; GSE; Pass-through; After COVID-19

摘要：In 2022, a policy increased mortgage guarantee fees for government-sponsored enterprises (GSE) purchases in high-cost areas. Given that the adjustment is specific to selected loan types, we employ a difference-in-differences approach to evaluate the shifts in origination charges for affected mortgages relative to unaffected ones. We find that the increases in origination charges only encapsulate a minor fraction of the escalated costs faced by lenders. Instead, lenders appear to adapt by elevating the interest rates. This research illuminates an unforeseen response from lenders and underscores the necessity for nuanced strategies in housing finance policy formulation.