NVR, Inc. was formed in 1980 as NVHomes, Inc. The Company’s business is the construction and sale of single-family detached homes, townhomes and condominium buildings. It also operates a mortgage banking and title services business. ...The Company mainly conducts its operations in mature markets. Additionally, it generally grows its business through market share gains in its existing markets and by expanding into markets contiguous to its current active markets. The Company’s four homebuilding reportable segments consist of the Mid Atlantic; North East; Mid East and South East. The Company offers single-family detached homes, townhomes and condominium buildings under four trade names Ryan Homes, NVHomes, Fox Ridge Homes and Heartland Homes. These home designs have elevations and numerous other options.... It provides a number of mortgage related services to its homebuilding customers through its mortgage banking operations. The Company’s mortgage banking operations also include separate subsidiaries that broker title insurance and perform title searches in connection with mortgage loan closings for which they receive commissions and fees. It is dependent upon building material suppliers for a continuous flow of raw materials. The Company’s preferred marketing method is for customers to visit a furnished model home featuring many built-in options and a landscaped lot. The housing industry is competitive. It competes with numerous homebuilders of varying size, ranging from local to national in scope, some of which have greater financial resources than it do. It also faces competition from the home resale market. The Company and its subcontractors must comply with various federal, state and local zoning, building, environmental, advertising and consumer credit statutes, rules and regulations, as well as other regulations and requirements in connection with its construction and sales activities.