Lennar Corp. - Class A Shares LEN

Lennar Corporation, incorporated on September 6, 1991, is a provider of real estate related financial services, commercial real estate, investment management and finance company. The Company is a homebuilder that operates in various states. The Company delivered 26,563 new homes as of November 30, 2016. The Company's segments include Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services and Lennar Multifamily. The Company is a developer of multifamily rental properties. Its Homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development and sale of residential land.

The Company operates primarily under the Lennar brand name. The Lennar Financial Services segment includes mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. The Lennar Financial Services segment sells almost all of the loans it originates within a short period in the secondary mortgage market, most of which are sold on a servicing released, non-recourse basis. The Lennar Financial services segment offers Federal Housing Administration (FHA) insured and Veterans Affairs (VA) guaranteed residential mortgage loan products and other home mortgage products to buyers of its homes and others through its financial services subsidiary, Universal American Mortgage Company, LLC. As of November 30, 2016, the Company originated approximately 33,500 residential mortgage loans. The Lennar Financial Services segment finances its mortgage loan activities with borrowings under its financial services warehouse facilities or from its operating funds.

The Company provides title insurance and closing services to its homebuyers and others by its subsidiaries in Alabama, Arizona, California, Colorado, Delaware, District of Columbia, Georgia, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Jersey, New York, North Carolina, North Dakota, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, West Virginia and Wisconsin. As of November 30, 2016, it provided title insurance services in 40 states. The Company also provides its homebuyers and others with personal lines, property and casualty insurance products through its insurance agency subsidiary, North American Advantage Insurance Services, LLC.

The Lennar Multifamily segment focuses on developing a portfolio of institutional multifamily rental properties in the United States markets. The Company, through unconsolidated entities, is primarily involved in the development, construction and property management of multifamily rental properties. The Lennar Multifamily operations include sales of land, construction activities and equity in earnings from unconsolidated entities. The Company primarily uses third-party management companies to rent the apartments.