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De-Mystifying the Refi-Share Mystery

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  • Yan Chang

    ()
    (Freddie Mac, 8200 Jones Branch Drive, MS #484, McLean, VA 22102-3110)

  • Frank E. Nothaft

    ()
    (Freddie Mac, 8200 Jones Branch Drive, MS #484, McLean, VA 22102-3110)

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    Abstract

    The refinance shares reported by Freddie Mac’s Primary Mortgage Market Survey (PMMS), the Mortgage Bankers Association (MBA), the Home Mortgage Disclosure Act (HMDA), and the National Mortgage News (NMN) have differed by up to 21 percentage points between 1990 and 2005. If a lender’s refinance share varies with loan volume, then weighting by origination volume could explain the observed discrepancies. Based on HMDA data for 2000 (a low refinance year) and 2003 (a refinance boom), lender size was positively related to refinance share, after controlling for institution type, cultural affinity, and location. HMDA provides the best national measure of refinance share, and weighting by lender volume explains most of the difference among the four measures.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol29n4/07.511_546.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal journal of Real Estate Research.

    Volume (Year): 29 (2007)
    Issue (Month): 4 ()
    Pages: 511-546

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    Handle: RePEc:jre:issued:v:29:n:4:2007:p:511-546

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    1. Deng, Yongheng & Quigley, John M. & Van Order, Robert, 1999. "Mortgage Terminations, Heterogeneity, and the Exercise of Mortgage Options," Berkeley Program on Housing and Urban Policy, Working Paper Series qt96r560pg, Berkeley Program on Housing and Urban Policy.
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