M/I Homes, Inc. and subsidiaries operate as a builder of single-family homes. The company consists of two operations, such as homebuilding and financial services. Its homebuilding operations are aggregated 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. The company’s financial services operations include originating and selling mortgages and collecting fees for title insurance and closing services. The company 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’s homebuilding operations comprise the major portion of its business. It designs, constructs, markets, and sells single-family homes and attached townhomes to first-time, move-up, empty-nester and luxury buyers. In addition to home sales, its homebuilding operations generate revenue from the sale of land and lots. The company uses the term ‘home’ to refer to a single-family residence, whether it is a single-family home or other type of residential property, and it uses the term ‘community’ to refer to a single development in which it constructs homes. The company primarily constructs homes in planned development communities and mixed-use communities. It offers homes for sale in 175 communities within 14 markets located in nine states. Product Lines, Design and Construction The company’s residential communities are 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 majority of its markets. By offering a range of homes, the company is able to first-time, move-up, empty-nester and luxury homebuyers. Across all of the company’s divisions, it offers approximately 690 different floor plans designed to reflect current lifestyles and design trends. In addition, the company is developing new floor plans and communities primarily for the improving empty-nester market. These plans (primarily ranch and main floor master bedroom type plans) focus on move-down buyers, are smaller in size, and feature outdoor living potential, fewer bedrooms, and better community amenities. All of its homes are constructed according to proprietary designs that meet the applicable Federal Housing Authority and the U.S. Veterans Administration requirements and all local building codes. Land Acquisition and Development The company continuously 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. Financial Services The company sells its homes to customers who generally finance their purchases through mortgages. M/I Financial provides the company’s customers with financing, and coordinates and expedites the loan origination transaction through the steps of loan application, loan approval, and closing and title services. M/I Financial provides financing services in all of the company’s housing markets. M/I Financial has been approved by the U.S. Department of Housing and Urban Development, the U.S. Veterans Administration, and the United States Department of Agriculture to originate mortgages that are insured and/or guaranteed by these entities. In addition, M/I Financial has been 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 also provides title and closing services to purchasers of its homes through its 100%-owned subsidiaries, TransOhio Residential Title Agency Ltd., M/I Title Agency Ltd., and M/I Title LLC, as well as the company’s 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 and examination and closing services to purchasers of its homes in Columbus, Tampa, Orlando, San Antonio, Houston and the Washington, D.C. markets. In addition, TransOhio Residential Title Agency Ltd. provides examination and title insurance services to the company’s housing markets in Raleigh, Charlotte, Chicago, Indianapolis, and Cincinnati. Sales and Marketing During 2015, the company continued to focus its marketing efforts on first-time and move-up homebuyers, including home designs targeted to empty-nester homebuyers. The company markets and sells its homes under the M/I Homes and Showcase Collection (exclusively by the company) brands, and, following its acquisition of a privately-held homebuilder in the Minneapolis/St. Paul market in December 2015, it also operates under the name Hans Hagen Homes in that market. 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. Government Regulation and Environmental Matters The company’s mortgage company and title insurance agencies must comply with various federal and state laws and regulations (including requirements for participation in programs offered by Federal Housing Authority, the U.S. Veterans Administration, the United States Department of Agriculture, Ginnie Mae, Fannie Mae, and Freddie Mac). The company’s financial services operations are subject to regulation at the state and federal level, including regulations issued by the Consumer Financial Protection Bureau with respect to specific origination, selling and servicing practices. History The company was founded in 1973. It was incorporated 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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