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Lan Shi

Senior Financial Economist

Retail Credit Risk Analysis Division

Lan Shi is a senior financial economist in the Retail Credit Risk Analysis Division within Supervision Risk & Analysis at 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 recent research examined the heterogeneity in the effect of Covid-19 relief programs on mortgage borrowers. 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. She earned her Ph.D. from the Booth School of Business of the University of Chicago.

Lan’s research papers can be found here or here.

  1. Shi, Lan (2022). “Heterogeneity in the Effect of Covid-19 Mortgage Forbearance: Evidence from Large Bank Servicers,” Cityscape, 24 (3), 21-60.
  2. Shi, Lan and Thomas Mayock (2022). “Adverse Selection in the Market for Mortgage Servicing Rights," Revise & Resubmit, Journal of Housing Economics 58(B), 1051-1377.
  3. Shi, Lan and Natalya Schenck (2022). “Impact of Leveraged Lending Guidance: evidence from nonbank participation in syndicated loans,” Journal of Financial Regulation and Compliance , forthcoming.
  4. Shi, Lan and Yan (Jenny) Zhang (2018). "The Effect of Mortgage Broker Licensing under the Originate-to-Distribute Model: Evidence from the U.S. Mortgage Market," Journal of Financial Intermediation, 35, 70-85.
  5. Shi, Lan and Yan (Jenny) Zhang (2015). "Appraisal Inflation: Evidence from 2009 GSE HVCC Intervention," Journal of Housing Economics , Special Issue on Housing Finance, 27, 71-90.
  6. Shi, Lan and David H. Downs (2015). "The Impact of Reversing Regulatory Arbitrage on Loan Originations: Evidence from Mortgage Banking Subsidiaries of Bank Holding Corporations," Journal of Real Estate Finance and Economics , 50(3), 307-338.
  7. Shi, Lan and Christina P. Tapia (2015). "The Disciplining Effect of Concern for Referrals: Evidence from Real Estate Agents," Real Estate Economics, 44(2), 411-461.
  8. Shi, Lan (2011). "Respondable Risk and Incentives for CEOs: the Role of Information-collection and Decision-making," Journal of Corporate Finance, 17(1),189-205.
  9. Shi, Lan (2010). "Incentive Effect of Piece Rate Contracts: Evidence from Two Small Field Experiments," The B.E. Journal of Economic Analysis & Policy Vol. 10(1), Article 61.
  10. Shi, Lan (2009). "The Limit of Oversight in Policing: Evidence from the 2001 Cincinnati Riot," Journal of Public Economics , 93(1-2), 99-113.

  1. Shi, Lan, Yan Zhang, and Xinlei Zhao (2023) “How Do Banks Respond to Non-Bank Competition in the Conforming Residential Mortgage Market? The Role of Balance Sheet,” under journal review.