Senior Financial Economist
Retail Credit Risk Analysis Division
Lan Shi is a senior financial economist in the Retail Credit Risk Analysis Division within the Economics Department of the Office of the Comptroller of the Currency (OCC). She provides quantitative support to bank examiners in Dodd-Frank Act stress testing (DFAST), model risk management, and CECL examinations mainly in the areas of credit risk modelling and capital requirements. She also conducts policy analyses as well as independent research.
Her principal research interest is in the U.S. mortgage financing market and more broadly financial institutions and regulation. Her current research topics include the significantly elevated role of non-banks (including FinTechs) in mortgage origination and servicing of agency and private label securitized mortgages and its implications on banks. Her earlier research focused on principal-agent problem under information asymmetry.
She joined OCC in 2013. Prior to that, she has been a senior research associate with the Housing Finance Policy Center of Urban Institute and an assistant professor with the Department of Economics at the University of Washington, Seattle. She earned her Ph.D. from the Booth School of Business of the University of Chicago.
- Working Papers
- "The Effect of Mortgage Broker Licensing under the Originate-to-Distribute Model: Evidence from the U.S. Mortgage Market" (joint with Yan (Jenny) Zhang), Volume 35, Part A", July 2018, Pages 70-85,Journal of Financial Intermediation.
- "Appraisal Inflation: Evidence from 2009 GSE HVCC Intervention" (joint with Yan (Jenny) Zhang), Journal of Housing Economics, Vol. 27, March 2015, pages 71-90, Special Issue on Housing Finance.
- "The Impact of Reversing Regulatory Arbitrage on Loan Originations: Evidence from Mortgage Banking Subsidiaries of Bank Holding Corporations" (Joint with David H. Downs), Journal of Real Estate Finance and Economics, Vol. 50, Issue 3 (2015), pages 307-338.
- "The Disciplining Effect of Concern for Referrals: Evidence from Real Estate Agents" (joint with Christina P. Tapia), June 2015, forthcoming at Real Estate Economics
- "Respondable Risk and Incentives for CEOs: the Role of Information-collection and Decision-making," Journal of Corporate Finance, Volume 17, Issue 1 (2011), Pages 189-205.
- "Incentive Effect of Piece Rate Contracts: Evidence from Two Small Field Experiments," The B.E. Journal of Economic Analysis & Policy Vol. 10, Iss. 1 (2010), Article 61.
- "The Limit of Oversight in Policing: Evidence from the 2001 Cincinnati Riot," Journal of Public Economics, Volume 93, Issue 1-2 (2009), Pages 99-113.
- “National Banks’s Diminished Role in US Mortgage Market Post 2008 GFC: Evidence from Transfer of Mortgage Servicing Rights" (with Thomas Mayock), Jul 2020, Under revision for journal resubmission.
- "Leveraged Lending Regulation and Loan Syndicate Structure: A Shift to Non-Banks?" (with Natalya Schenck), Apr 2020, Under revision for journal submission.
- Sponsor-Underwriter Affiliation and the Performance of Private Label Mortgage-Backed Securities" (joint with Peng Liu), October 2016, working paper.
- “Are Loss Mitigation Programs in the Covid-19 Event Effective? Some Early Evidence from Loan Level Data,” Sept 2020, work in progress.
- “How Do Bank and Non-banks Differ in Servicing? Evidence from FHA and Private Label Securitized Loans in the Covid-19 Event,” Sept 2020, work in progress.
- “Mortgage Securitization and Loan Performance: Evidence from the Covid-19 Event,” Oct 2020, work in progress.