(Bloomberg) KB Home (KBH), a Los Angeles-based homebuilder, is forming a home-loan company for its buyers withNationstar (NSM) Mortgage LLC.
The entity will be known as Home Community Mortgage LLC, the builder said today in a statement. KB Home made Nationstar its preferred lender in March after MetLife Inc. said it would shut its origination operation. Nationstar, based in Lewisville, Texas, began accepting loan applications in May.
“Creating Home Community Mortgage with Nationstar is the natural progression of our successful alliance,” Jeffrey Mezger, KB Home’s president and chief executive officer, said in the statement. “Nationstar’s performance as KB Home’s preferred mortgage lender has already resulted in more consistent execution.”