NVR INC (NVR)

NVR, Inc., a Virginia corporation formed in 1980 as NVHomes, Inc., is one of the largest homebuilders in the United States. Its primary business is the construction and sale of single-family detached homes, townhomes and condominium buildings, primarily on a pre-sold basis. To serve its homebuilding customers more fully, it also operates a mortgage banking and title services business. Homebuilding is conducted directly, while mortgage banking is run mainly through a wholly owned subsidiary, NVR Mortgage Finance, Inc. (NVRM).

Homebuilding is sold under three trade names: Ryan Homes, NVHomes and Heartland Homes. Four reportable homebuilding segments cover Mid Atlantic (Maryland, Virginia, West Virginia, Delaware and Washington, D.C.), North East (New Jersey and Eastern Pennsylvania), Mid East (New York, Ohio, Western Pennsylvania, Indiana and Illinois) and South East (North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky). Homes have two to five bedrooms and range from about 900 to 7,000 finished square feet. In 2025 settlement prices ranged from roughly $170,000 to $2.3 million, with an average of $460,600. Backlog at December 31, 2025 was 8,448 units, or about $4.0 billion. The mortgage banking segment originates loans, earns revenue mainly from origination fees, gains on loan sales and title fees, and brokers title insurance and performs title searches. In 2025 NVRM closed about 16,400 loans totaling about $6.0 billion.

The company operates in thirty-seven metropolitan areas in sixteen states and Washington, D.C. Ryan Homes is marketed mainly to first-time and first-time move-up buyers. NVHomes and Heartland Homes target move-up and luxury buyers; NVHomes operates in Delaware, New Jersey and the Washington, D.C., Baltimore and Philadelphia areas, and Heartland Homes in the Pittsburgh area. NVRM originates mortgage loans exclusively for NVR's homebuyers and sells them into the secondary market, primarily servicing released and typically within 30 days. It is an approved seller/servicer for Fannie Mae and Freddie Mac, and an approved seller/issuer/servicer for Ginnie Mae, VA and FHA loans. Customers are reached mainly through furnished model homes.

NVR generally does not develop land. It buys finished lots from third-party developers under fixed-price lot purchase agreements, with deposits typically up to 10% of the purchase price, which limits its loss on non-performance to the deposit. In limited strategic cases it uses joint ventures or buys raw ground, which it generally sells to a developer in exchange for a lot purchase agreement. Construction is done by independent subcontractors under fixed-price contracts, with no dependence on any one subcontractor, and building materials come from multiple suppliers where possible. The company competes with local to national homebuilders and the resale market on price, location, design, quality, service and reputation. NVRM competes with mortgage bankers, brokers, credit unions and banks. At December 31, 2025 NVR had about 6,300 full-time employees, none under collective bargaining agreements.