Until mid-month, many nonbanks were writing loans hand-over-fist, but warehouse capacity in the COVID-19 era is running low. Also, there’s a snafu at BNY Mellon.
Bill Dallas of FoAM: “Most warehouse lenders are at capacity and already ‘bulged’ most of their companies. As a result, if you need additional capacity and you didn’t plan for it, there are no new warehouse players. You are dead in the water.”
Mark Garland, managing director of SitusAMC, Denver, agreed that bids of 3.0-times are doable today and are a welcome development after several weeks of inactivity, at least on the flow front.
NAR's Lawrence Yun: “Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”