Harvey Stephenson

Ph.D. Candidate

Ph.D., Kellogg School of Management, Finance (2019 Expected)
B.A., Brown University, Economics (2011)

Curriculum Vitae

Research Interests: Financial Intermediation, Household Finance, Real Estate Finance

Job Market Paper: The Market Structure of Mortgage Broker Sector: Implications for Credit Quality


Mortgage brokers originate a large share of residential real estate lending, their growth and changes to their market structure have a significant impact on lending standards. In this paper, using data from a major mortgage lender in the run up to the financial crisis, I construct measures of local market structure of the mortgage broker sector including their size distribution and competitiveness. Exploiting state-level regulatory changes to local entry costs I am able to study the effect of mortgage broker sector market structure on credit quality. My results suggest that decreased concentration and the reduced entry of lower quality brokers have a significant impact on lending standards. Increases in broker concentration and increases in average broker size lead to lower loan to value ratio's, higher credit scoring borrowers and a decrease in riskier mortgage products.


Prof. John Mondragon (Chair)
Prof. David Matsa
Prof. Anthony DeFusco
Dr. Eugene Amromin

Contact Information

Kellogg School of Management
Northwestern University
2211 Campus Drive
Evanston, IL 60208
Phone: (401) 489 2246