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The Effect of Mortgage Origination Fees on the Housing Price Dynamics

This paper explores the link between mortgage origination fees and housing prices. It is argued that sharp decline in mortgage origination fees in US since the late 1980s was caused by mortgage market deregulation and mortgage innovation. Based on this reasoning the sources of exogenous variation in mortgage fees are identified, and the effect of mortgage fees on housing prices is quantified. The results indicate that decline in mortgage fees had robust statistically significant positive effect on housing prices. The lagged effect of mortgage fees on housing prices is also present.