KB Home on Tuesday said it formed a partnership with a unit of Nationstar Mortgage Holdings Inc. to offer mortgage services to KB Home customers.
The Los Angeles homebuilder said the new company, Home Community Mortgage LLC, is expected to launch later this year. Nationstar, which is based in the Dallas suburb of Lewisville, became KB Home’s preferred mortgage lender last March. It has more than 2.5 million customers and portfolio of about $425 billion.
“As our relationship with Nationstar has evolved, we have been very pleased with the alignment of the values of our two companies, particularly on our shared focus on achieving world-class customer service,” Jeffrey Mezger, KB Home chief executive, said in a statement.
KB Homes shares closed up 50 cents, or 3 percent, to $17.11 on the New York Stock Exchange.