KB Home has taken its relationship with Nationstar Mortgage to the next level, forming a joint venture mortgage banker company to be called Home Community Mortgage LLC.
It entered into a
However, those talks ended up being fruitless, and on June 26, 2011 the joint venture was shut down and the next day MetLife Home Loans became its preferred lender.
That fizzled very quickly as MetLife was unable to mobilize its operations in the markets where KB built new homes in a timely fashion.
Out of that, the preferred lender relationship with Nationstar was born.
Said Jeffrey Mezger, president and chief executive of KB Home, “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.”
A spokeswoman for KB Home said it was always the company’s strategic intent to form a joint venture entity like Home Community.
Nationstar began taking applications on May 1, 2012 and it’s very happy with the alliance with them because of the increased customer satisfaction on the part of homebuyers.
She added that Nationstar has offices in proximity near the homebuilder’s sales offices and those offices will become Home Community offices.
KB Home is not disclosing how the entities are splitting their ownership percentage in Home Community, she said.
In December, the company said