“We have been picking up some signals, while not dramatic, that some of the builders aren't getting as much credit as they'd like in terms of volume and the cost of it,” Seiders says.
Weller says he'd love to be a fly on the wall when a small home builder goes to a bank seeking a loan to fund new construction.
“If I were a loan officer, I'd be very, very concerned about this,” Weller says. “You're going to apply different rules. You're a small business and you're in an industry that's having trouble right now, so you're going to have a hard time convincing somebody [to give you a loan].”
SOURCE: THE MORTGAGE LENDER IMPLODE-O-METER, COMPANY PRESS RELEASES, AND PREVIOUSLY PUBLISHED REPORTS