M/I Homes, Inc. operates as a builder of single-family homes. The company also provides financial services. The company’s homebuilding operations are divided for reporting purposes into three segments - the Midwest, Mid-Atlantic and Southern regions. The company’s financial services operations support its homebuilding operations by providing mortgage loans and title services to the customers of its homebuilding operations. Product Lines, Design and Construction The company’s residential communities are generally located in suburban areas that are accessible through public and personal transportation. Its communities are designed as neighborhoods that fit existing land characteristics. In addition to single-family detached homes, the company offers attached townhomes in most of its markets, as well as condominiums in its Columbus and Washington, D.C. markets. By offering a range of homes, the company is able to attract first-time, move-up, empty-nester and luxury homebuyers. Its homes are offered primarily in planned development communities and mixed-use communities. Research and Development: The company spent $3.6 million in 2013 for research and development of its home designs. Land Acquisition and Development: The company evaluates land acquisition opportunities in the normal course of its homebuilding business, and focuses on both the replenishment of its lot positions and adding to its lot positions in key submarkets to expand its market share. As of December 31, 2013, the company had approximately 19,800 lots under control, which represents a 5.7 year supply of lots based on 2013 homes delivered. As of December 31, 2013, the company had purchase agreements to acquire 2,700 developed lots and raw land to be developed into approximately 7,032 lots for a total of 9,732 lots. Financial Services The company originates and sells mortgages and collecting fees for title insurance and closing services. It offers mortgage banking services to its homebuyers through its 100%-owned subsidiary, M/I Financial, LLC (M/I Financial). The company offers title services through subsidiaries that are either 100% or majority owned by the company. The company sells its homes to customers who generally finance their purchases through mortgages. It provides financing services in all of its housing markets. In addition to financing the purchase of new homes, the company provides refinance options for both previous M/I Homes purchasers and the general public. In addition, M/I Financial is approved by the Federal Home Loan Mortgage Corporation (Freddie Mac) and by the Federal National Mortgage Association (Fannie Mae) as a seller and servicer of mortgages and as a Government National Mortgage Association (Ginnie Mae) issuer. The company’s agency approvals, along with a sub-servicing relationship, allow it to sell loans on either a servicing released or servicing retained basis. The company also provides title and closing services to purchasers of its homes through its 100%-owned subsidiaries, TransOhio Residential Title Agency Ltd. and M/I Title Agency Ltd., and its majority-owned subsidiary, Washington/Metro Residential Title Agency, LLC. Through these entities, the company serves as a title insurance agent by providing title insurance policies, examination and closing services to purchasers of its homes in Columbus, Tampa, Orlando and the Washington, D.C. markets. In addition, TransOhio Residential Title Agency Ltd. provides examination and title insurance services to its housing markets in Raleigh, Charlotte, Chicago, Indianapolis and Cincinnati. Business Strategy The company's business strategy is to profitably grow its presence in its existing markets; and strategically invest in new markets. Sales and Marketing The company markets and sells its homes under the M/I Homes brand (M/I Homes and Showcase Collection (exclusively by M/I)). It also operates under the name Triumph Homes in certain communities in its Houston, Texas market. The company provides its homebuyers with various products, programs and services. The company uses independent RESNET Certified Raters and the HERS (Home Energy Rating System) Index, the national standard for energy efficiency, to measure the quality of its homes, including insulation, ventilation, air tightness, and the heating and cooling system. The company also offers specialized mortgage financing programs through M/I Financial to assist its homebuyers. M/I Financial offers conventional financing options along with Federal Housing Administration (FHA), U.S. Veterans Administration (VA), the United States Department of Agriculture (USDA) and state housing bond programs. Government Regulation and Environmental Matters The company’s mortgage company and title insurance agencies must comply with various federal and state laws and regulations. These include eligibility and other requirements for participation in the programs offered by the FHA, VA, USDA, Ginnie Mae, Fannie Mae and Freddie Mac. Seasonality The company’s homebuilding operations experience significant seasonality and quarter-to-quarter variability in homebuilding activity levels. In general, homes delivered increase substantially in the second half of the year. Its financial services operations also experience seasonality because their loan originations correspond with the delivery of homes in its homebuilding operations. History The company was founded in 1973. It was incorporated, through predecessor entities, in 1973 and commenced homebuilding activities in 1976.
m/i homes inc (MHO:New York)
3 Easton Oval
Columbus, OH 43219
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