KB Home and Nationstar to Form Mortgage Company
Builder and national home loan lender to form Home Community
Mortgage, which will offer mortgage banking services to new KB
homebuyers in communities across the country
LOS ANGELES--(BUSINESS WIRE)--
KB Home (NYSE: KBH), one of the nation's largest and most recognized
homebuilders, today announced that it has entered into an agreement with
Nationstar Mortgage LLC, its current preferred mortgage lender and the
principal operating subsidiary of Nationstar Mortgage Holdings Inc.
(NYSE: NSM), to form Home Community Mortgage, LLC, a limited liability
company that will offer an array of mortgage banking services to KB Home
"Creating Home Community Mortgage with Nationstar is the natural
progression of our successful alliance," said Jeffrey Mezger, president
and chief executive officer of KB Home. "As our relationship with
Nationstar has evolved, we have been very pleased with the alignment of
the values of our two companies, particularly on our shared focus on
achieving world-class customer service. A quality, predictable mortgage
process is an essential element of our Built to Order™ business model,
and Nationstar's performance as KB Home's preferred mortgage lender has
already resulted in more consistent execution."
Nationstar Mortgage, which is also a leading mortgage servicer, offers
FHA, VA, USDA, conventional conforming and nonconforming loan products
directly to consumers. It is currently one of the largest non-bank
mortgage servicers in the country, with a portfolio of approximately
$425 billion and more than 2.5 million customers, on a current pro-forma
basis, based on announced acquisitions.
Since entering into a marketing services agreement with KB Home last
year, Nationstar loan officers have served KB Home homebuyers on-site in
the builder's communities coast-to-coast. Nationstar will continue to
operate as KB Home's preferred mortgage lender until Home Community
Mortgage is deployed, which is expected in the latter part of this year.
"We are excited to partner with KB Home to form Home Community Mortgage
to support home buyers in the largest purchase decision of their lives,"
said Jay Bray, chief executive officer of Nationstar Mortgage. "This
partnership showcases our ability to deliver creative solutions to one
of the nation's premier homebuilders and our commitment to enhancing the
home buying experience by providing accessible financing options to home
Nationstar's mortgage banking services are available to KB homebuyers at
all of KB Home's communities across the country. To learn more, and
locate the community nearest you, visit kbhome.com or call 888-KB-HOMES.
About KB Home
KB Home is one of the largest and most recognized homebuilding companies
in the United States. Since its founding in 1957, the company has built
more than half a million quality homes. KB Home's signature Built to
Order™ approach lets each buyer customize their new home from lot
location to floor plan and design features. In addition to meeting
strict ENERGY STAR® guidelines, all KB homes are highly energy efficient
to help lower monthly utility costs for homeowners, which the company
demonstrates with its proprietary KB Home Energy Performance Guide®
(EPG®). A leader in utilizing state-of-the-art sustainable building
practices, KB Home was named the #1 Green Homebuilder in the most recent
study by Calvert Investments and the #1 Homebuilder on FORTUNE
magazine's 2011 World's Most Admired Companies list. Los Angeles-based
KB Home was the first homebuilder listed on the New York Stock Exchange,
and trades under the ticker symbol "KBH." For more information about KB
Home's new home communities, call 888-KB-HOMES or visit www.kbhome.com.
About Nationstar Mortgage Holdings Inc.
Based in Lewisville, Texas, as of September 30, 2012, Nationstar
serviced over one million residential mortgages with a servicing
portfolio totaling $198 billion in unpaid principal balance. In
addition, Nationstar operates an integrated loan origination business,
enabling Nationstar to mitigate servicing portfolio run-off and improve
credit performance for loan investors. Nationstar currently employs over
4,100 people. Nationstar is listed on the New York Stock Exchange under
the symbol "NSM". More information is available at www.nationstarholdings.com.
310-231-4142 or firstname.lastname@example.org
Source: KB Home
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