Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 15

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 1
Chunk 15
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 segment had warehouse facilities which were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:Maximum Aggregate Commitment(In thousands)Committed AmountUncommitted AmountTotalResidential facilities maturing:June 2025 (1)$560,000 — 560,000 August 2025325,000 325,000 650,000 October 202550,000 100,000 150,000 May 2026250,000 250,000 500,000 December 2026375,000 — 375,000 Total residential facilities$1,560,000 675,000 2,235,000 LMF commercial facilities maturing:December 2025200,000 — 200,000 January 2026100,000 — 100,000 Total LMF commercial facilities$300,000 — 300,000 Total$2,535,000 (1)Subsequent to May 31, 2025, the maturity date was extended to September 2025.The Financial Services segment uses residential mortgage loan warehouse facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. The LMF Commercial facilities finance LMF Commercial loan originations and securitization activities and were secured by up to 80% interests in the originated commercial loans financed.Borrowings and collateral under the facilities were as follows:(In thousands)May 31, 2025November 30, 2024Borrowings under residential facilities$1,211,428 1,776,045 Collateral under residential facilities1,261,797 1,837,833 Borrowings under LMF Commercial facilities80,368 28,747 If the facilities are not renewed or replaced, the borrowings under the lines of credit will be repaid by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities. Substantially all of the residential loans the Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the