Homebuilder NVR Inc. reported higher sales and new orders in the first quarter along with a 40% jump in mortgage banking income from year ago.
On Monday, the Reston, Va.-based builder said it sold 2,272 homes in the first quarter, up 18% from the first quarter of 2012. The publicly traded company also had a backlog of 6,217 of homes sold that have not settled as of March 31.
Meanwhile, NVR’s
Mortgage banking income totaled $11.2 million in 1Q, up from $8 million in the same period of 2012.
NVR Mortgage has branches in all of its development sites and it is focused exclusively on NRV homebuyers. “We don’t look for third-party business,” said NVR spokesman Dan Malzahn.
The mortgage unit financed 84% of its buyers in the first quarter that needed a mortgage. The capture rate for 1Q 2012 was 89%.
NRV builds and sells homes under the following names: Ryan Homes, NVHomes, Fox Ridge Homes and Heartland Homes.
