The National Bureau of Economic Research Inc. will provide $321,762 in research services under a three-year Project Grant award from the National Science Foundation's Social, Behavioral, and Economic Sciences program (CFDA 47.075). Through this funding, the awardee will conduct a study of the US mortgage industry supply chain to quantify the relative impacts of information asymmetries and market power on intermediation costs. Services will include assembling a novel dataset tracing loan origination through securitization, developing econometric tests to measure information effects, and estimating a structural model of loan valuation. Findings will be used to identify sources of profit margins and costs that ultimately impact consumer borrowing rates. This research aims to advance understanding of securitization and asset acquisition markets using tools from industrial organization and finance. The completion period is May 2026.