We study the role of brokers in selection markets. We find broker-clients in the Canadian mortgage market are observationally different from branch-clients. They finance larger loans with more leverage and longer amortization. We build and estimate a model of mortgage demand to disentangle three possible explanations for these riskier product choices: (1) selection on observables, (2) unobserved borrower preferences for riskier loans, and (3) a causal effect of brokers. Although we find that brokers influence product choices, the main reason borrowers choose high-leverage products is unobserved preferences. Borrowers prefer larger loans and brokers facilitate qualification for them. (JEL G21, D12)

中文翻译：

---

中介机构在选择市场中的作用：来自抵押贷款的证据


我们研究经纪人在选择市场中的作用。我们发现加拿大抵押贷款市场的经纪人客户与分行客户在观察上有所不同。他们以更高的杠杆和更长的摊销期为更大的贷款提供资金。我们构建并估计了一个抵押贷款需求模型，以理清这些风险较高的产品选择的三种可能解释：（1） 可观察对象的选择，（2） 未观察到的借款人对风险较高的贷款的偏好，以及 （3） 经纪人的因果效应。尽管我们发现经纪人会影响产品选择，但借款人选择高杠杆产品的主要原因是未观察到的偏好。借款人更喜欢大额贷款，经纪人为他们提供资格认证。（JEL G21， D12）