Working Papers:

Breaking Barriers: Role of Fintech Lenders in Expansion of Mortgage Credit Access

Abstract: Fintech lenders have rapidly expanded their presence in the US mortgage market, raising the question of whether they play a role in expanding access to mortgage credit for underserved borrowers. I use mortgage application data to investigate the impact of fintech lenders on mortgage credit access and costs for underserved borrowers. The findings suggest that fintech lenders are more likely to serve underserved borrowers, such as minority borrowers and borrowers with higher debt-to-income ratios, implying an increase in credit access. Even though fintech lenders are charging lower interest rates than traditional lenders, the total loan cost, which includes origination and other fees, is higher for fintech lenders than for non-fintech lenders.

Housing Affordability and Household Mobility, with Dimuthu Ratnadiwakara

Abstract: Post-2008 financial crisis, regulators imposed stricter lending requirements for mortgages. We use a difference-in-differences strategy to examine the impact of these restrictions on household mobility. We find that restrictions on debt-to-income (DTI) ratios for mortgages led to increased outmigration from areas with less affordable homes. The effect is stronger in high-income areas, where individuals can afford to move. These findings suggest that housing affordability has a significant impact on household mobility.   

Cost of Alternative Housing Option and Strategic Default

Abstract: Many factors have been associated with strategic default in the prior literature. This study examines the cost of alternative housing as a factor that plays role in strategic default decision. Using data for loans originated in years 2004 and 2005, the peak years of housing boom, we provide evidence that the cost of alternative housing influences the strategic default decision of borrowers. Specifically, we provide evidence that borrowers are less likely to default when there is an increase in rent to mortgage payment ratio and the drop in house price is positive. Additional analysis shows that the results are consistent across high and how credibility borrowers and high and low value houses. 

Work in Progress

Impact of Oil Price on Real Estate Market of Oil Dependent Economy, with Subash Adhikari

ESG Implications of Fintech Lending Industry

Corporate Governance within Fintech Lending Industry

Conferences and Seminar Presentations:

 2024: American Real Estate Society (ARES)

2023- Financial Management Association, Southern Economic Association, Louisiana State University Friday Seminar

2022- Louisiana State University Friday Seminar, FMA (Discussant)

2021- Southwestern Finance Association, Louisiana State University Friday Seminar

2020- Louisiana State University, Southwestern Finance Association (Discussant)