Small and Smart
"We understand the market's going to be slower," Wolfington says. "We have to be prepared to accept something much less. In the past if a project was budgeted to sell one house a month, we might say, 'I'm not sure I want to get involved with that.' But today we're saying, 'That's not a bad project.'"
Community banks, says Kus, are "going back to basic banking. Back to good credit underwriting standards." They're not taking chances, and they're happy about it. Some might say conservative.
"I'm proud of that label," says Mann. "Being conservative means you have loan underwriting standards, and we stick to them."
[Originally published in March, 2013.]