Stuart Miller, CEO of Lennar Corp., a Miami-based home construction company, said during the firm's Sept. 17 third quarter earnings conference call the procedure to obtain a mortgage has become invasive and scary to borrowers.
Miller told analysts that Lennar is "very well positioned" for what he characterized as the home building industry's "slow and shallow recovery" from the housing crisis and Great Recession.
However, during a question and answer period, he said problems with the mortgage process were among the reasons first time homebuyers were not coming back into the market in great numbers yet.
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