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 customers.
“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 buyers.”