The new president of the National Association of Realtors says it's time for residential lenders to start getting real.
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Calling "overlays" put in place by lenders that go over and above the Federal Housing Administration's lending requirements "silly, stupid and inappropriate," Ronald Phipps, a broker from Warwick, R.I., told reporters at NAR's annual convention in New Orleans that "commonsense" underwriting should be the order of the day.
"We need to get back to the middle so the market can get back to doing what it is supposed to do," said Phipps, a 31-year real estate professional who was elected to head the 1.2-million member NAR in 2011.
