Mortgage lenders have come a “long way” over the past year in terms of easing their credit standards, according to the chief executive of Lennar Corp.
“The lending landscape continues to improve as lenders are beginning to reconsider their credit underwriting overlays and open the doors for more approvals,” CEO Stuart Miller said Tuesday in presenting Lennar’s
“We expect to see further easing of credit standards” going forward, the CEO said during the conference call.
The Miami-based homebuilder has its own mortgage lending unit that basically serves Lennar homebuyers.
Lennar delivered nearly 5,000 homes during the third quarter ending Aug. 31 and its lending unit financed 77% of Lennar homebuyers that needed a mortgage.
Miller noted that the lending unit continues to grow along with Lennar as it builds new communities and provides more financing for non-Lennar customers.
