caa a22 4500 445316756 CHVBK 20180317142650.0 cr unu---uuuuu 170323e20110201xx s 000 0 eng 10.1007/s11146-009-9192-0 doi (NATIONALLICENCE)springer-10.1007/s11146-009-9192-0 Mortgage Brokers and the Refinancing Transaction: Evidence from CRA Borrowers [Elektronische Daten] [Jonathan Spader, Roberto Quercia] This study adds to an emerging literature on the lending practices of mortgage brokers during the run-up in home prices prior to 2006. Following a sample of low— and moderate-income borrowers through the first years following home purchase, the analysis identifies differences in the refinancing transaction associated with the use of mortgage brokers vs. retail lenders. Specifically, the analysis includes measures of the refinancing process, including whether the lender initiated contact with the borrower, whether the terms of the mortgage changed at closing, and the level of borrower satisfaction in hindsight. Care must be taken in extrapolating from this sample to the broader mortgage market, as all borrowers refinanced out of 30-year fixed-rate purchase mortgages in the Community Advantage Program (CAP). Nevertheless, analysis of this sample offers unique insight into borrowers' interactions with mortgage brokers during the refinancing transaction. Origination with a mortgage broker, compared with origination through a retail lender, is associated with both a less satisfactory refinancing process and a higher likelihood of refinancing into an adjustable-rate mortgage (ARM). Springer Science+Business Media, LLC, 2009 Mortgage brokers nationallicence Refinancing nationallicence Spader Jonathan Research Associate at the Center for Community Capital, University of North Carolina, Chapel Hill, NC, USA aut Quercia Roberto Director of the Center for Community Capital and Professor of City and Regional Planning, University of North Carolina, Chapel Hill, NC, USA aut The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 42/2(2011-02-01), 181-210 0895-5638 42:2<181 2011 42 11146 https://doi.org/10.1007/s11146-009-9192-0 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11146-009-9192-0 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Spader Jonathan Research Associate at the Center for Community Capital, University of North Carolina, Chapel Hill, NC, USA aut NATIONALLICENCE 700 1- Quercia Roberto Director of the Center for Community Capital and Professor of City and Regional Planning, University of North Carolina, Chapel Hill, NC, USA aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 42/2(2011-02-01), 181-210 0895-5638 42:2<181 2011 42 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer