Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 152

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 7
Chunk 152
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 the residential loans it originates within a short period in the secondary mortgage market, the majority of which are sold on a servicing-released, non-recourse basis. After the loans are sold, we retain potential liability for possible claims by purchasers that we breached certain limited industry-standard representations and warranties in the loan sale agreements.

The following table sets forth selected financial and operational information related to the residential mortgage and title activities of our Financial Services segment:

Years Ended November 30,(Dollars in thousands)20242023Dollar value of mortgages originated$19,845,000 17,395,000 Number of mortgages originated54,600 47,000 Mortgage capture rate of Lennar homebuyers84%81%Number of title and closing service transactions82,400 74,900 

At November 30, 2024 and 2023, the carrying value of Financial Services' commercial mortgage-backed securities ("CMBS") was $135.6 million and $140.7 million, respectively. Details of these securities and related debt are within Note 2 of the Notes to Consolidated Financial Statements.

LMF Commercial 

LMF Commercial originates and sells into securitizations first mortgage loans, which are secured by income producing commercial properties. LMF Commercial originated commercial loans as follows:

Years Ended November 30,(Dollars in thousands)20242023Originations$568,520 466,043 Sold$522,647 430,707 Securitizations13 10 

Multifamily Segment

We have been actively involved, primarily through unconsolidated entities, in the development, construction and property management of multifamily rental properties. Our Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets.

Originally, our Multifamily segment focused on building multifamily properties and selling them shortly after they were completed. However, more recently we have focused on creating and participating in funds that build multifamily properties with the intention of retaining them after they are completed.

The following table provides information related to our investment in the Multifamily segment:

At November 30,(Dollars in thousands)20242023Multifamily investments in unconsolidated entities$503,303 599,852 Lennar's net investment in Multifamily1,116,295 1,095,218 Number of operating properties/investments sold through joint ventures34 — Lennar's