NVR, Inc.
Industry: Construction Services

NVR, Inc. operates in two business segments, homebuilding & mortgage banking. NVR conducts its homebuilding activities directly & its mortgage banking operations primarily through a wholly owned subsidiary, NVR Mortgage Finance, Inc. (NVRM). Its homebuilding operations include the construction and sale of single-family detached homes, townhomes & condominium buildings under three tradenames: Ryan Homes, NVHomes & Fox Ridge Homes. Homes built by NVR combine traditional or colonial exterior designs with contemporary interior designs & amenities & generally include 2 to 4 bedrooms. In addition to building & selling homes, the Company provides a no.of mortgage-related services through its mortgage banking operations, which operate in 11 states. Through office locations in each of NVR's homebuilding markets, NVRM originates mortgage loans predominantly for the Company's homebuyers. NVRM sells substantially all of the mortgage loans it closes in the secondary markets.

Business Summary
NVR, Inc. (NVR) operates in two business segments, homebuilding and mortgage banking. NVR conducts its homebuilding activities directly and its mortgage banking operations primarily through a wholly owned subsidiary, NVR Mortgage Finance, Inc. (NVRM). NVR operates in multiple locations in 11 states, primarily in the eastern part of the United States. In addition to building and selling homes, NVR provide a number of mortgage-related services through its mortgage banking operations, which operate in 11 states. Through office locations in each of its homebuilding markets, NVRM originates mortgage loans exclusively for its homebuyers. NVRM generates revenues primarily from origination fees, gains on sales of loans and title fees. NVRM sells substantially all of the mortgage loans it closes into the secondary markets on a servicing released basis.

Financial Summary
For the nine months ended 30 September 2005, NVR, Inc.'s revenues increased 18% to $3.61B. Net income increased 30% to $600M. Revenues reflect higher Homebuilding revenues due to an increase in average new order price. Net income benefited from improved operating margins due to a decrease in interest expense. NVR, Inc. is a holding company, engaged in the construction & marketing of homes, and mortgage banking.