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William Lyon Homes has announced that it has entered into an agreement with Stearns Lending LLC, to form William Lyon Mortgage LLC, a limited liability company that will offer an array of mortgage banking services. William Lyon Mortgage will be launched in phases across William Lyon Homes’ Western regional markets of Arizona, Colorado, Nevada and California, and is expected to be fully-deployed by the second half of 2015.
“We are excited to announce the launch of William Lyon Mortgage, LLC and believe that this new venture will benefit our homebuyers and complement our homebuilding operations, while providing an additional source of earnings for the Company,” said Matthew R. Zaist, president and chief operating officer of William Lyon Homes. “We know Stearns Lending well because it has provided stellar service to many of our customers over the years, as reflected in our post-closing surveys. Stearns’ commitment to customer satisfaction and its thorough understanding of the unique needs of the homebuilder have resulted in a consistent closing and delivery process that is valuable to our customers and shareholders. Our new joint venture with Stearns Lending will build on those qualities and will further enhance the experience of our homebuyers.”
Stearns Lending is a non-bank mortgage originator and servicer that offers FHA, VA, USDA, conventional conforming and jumbo mortgage products directly to consumers and through its wholesale and correspondent lending channels.
“It is an honor to be selected as the partner for William Lyon Mortgage, LLC. William Lyon Homes is a great company. We have thoroughly enjoyed working with the Lyon management team and Lyon customers and look forward to our joint venture relationship,” said Brian Hale, chief executive officer of Stearns Lending. “This partnership reflects our ability to deliver consistent solutions to a premier homebuilder while underscoring our commitment to serving the needs of homebuyers.”