NVR builds and sells new homes in the eastern U.S. and Midwest under three brands: Ryan Homes (targeting first-time and move-up buyers across 37 metro areas), NVHomes (move-up and luxury buyers in the Mid-Atlantic), and Heartland Homes (move-up and luxury buyers in Pittsburgh). Homes range from ~$170K to ~$2.3M, and NVR builds almost entirely on a pre-sold basis — homes are contracted before construction begins rather than built speculatively. A key differentiator is NVR's land strategy: rather than buying raw land, NVR secures finished lots from third-party developers through fixed-price Lot Purchase Agreements, putting down forfeitable deposits of up to 10% of the purchase price. This lets NVR walk away from deals if market conditions deteriorate, keeping land risk off the balance sheet and avoiding the capital-intensive process of land development. NVR also operates NVR Mortgage Finance, a mortgage banking subsidiary that originates loans exclusively for NVR homebuyers, brokers title insurance, and performs title searches. NVRM sells loans into the secondary market within ~30 days of closing on a servicing-released basis, meaning NVR retains no ongoing servicing obligations. NVRM's volume is entirely dependent on NVR's homebuilding activity.