Profile: M/I Homes Inc (MHO.N)
23 May 2018
M/I Homes, Inc., incorporated on November 22, 1991, is a builder of single-family homes. The Company consists of two operations: homebuilding and financial services. It operates through Midwest homebuilding, Southern homebuilding, Mid-Atlantic homebuilding and financial services operations segments. The Company and its subsidiaries are engaged primarily in the construction and sale of single-family residential homes in 15 markets: Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Tampa, Orlando and Sarasota, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and the Virginia and Maryland suburbs of Washington, D.C. It has homebuilding operations across three geographic regions in the United States which are aggregated into three homebuilding segments: Midwest homebuilding, Southern homebuilding and Mid-Atlantic homebuilding. The Company's financial services operations support its homebuilding operations by providing mortgage loans and title services to the customers of its homebuilding operations. It markets and sells homes primarily under the M/I Homes brand (M/I Homes and Showcase Collection (by M/I)).
The Company designs, sells and builds single-family homes on developed lots, which it develops or purchases ready for home construction. The Company also purchases undeveloped land to develop into developed lots for future construction of single-family homes and, on a limited basis, for sale to others. It primarily constructs homes in planned development communities and mixed-use communities. It offers homes for sale in approximately 180 communities within the 15 markets located in nine states. The Company offers over 700 different floor plans. Its Showcase Collection is designed for its move-up and luxury homebuyers buying homes in upscale communities. In addition, it is developing new floor plans and communities specifically for the 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 various community amenities. It has also developed a series of plans with smaller square footage. It also constructs inventory homes, such as homes started in the absence of an executed contract to facilitate delivery of homes on an immediate-need basis under its Ready Now Homes program and to provide presentation of new products. It sells its homes under standard purchase contracts, which require a homebuyer deposit at the time of signing the contract. Its primary market remains move-up buyers.
The Company conducts mortgage financing activities through its subsidiary, M/I Financial, LLC (M/I Financial), which originates mortgage loans primarily for purchasers of the Company's homes. The loans and the servicing rights are sold to outside mortgage lenders. The Company and M/I Financial also operate subsidiaries that provide title services to purchasers of the Company's homes. Its mortgage banking and title service activities are aggregated into the financial services segment. It provides title and closing services to purchasers of the Company's homes through the subsidiaries, TransOhio Residential Title Agency Ltd., M/I Title Agency Ltd., M/I Title LLC and 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 the Columbus, Tampa, Orlando, San Antonio, Houston, Dallas/Fort Worth, Austin, and Washington, D.C. markets. In addition, TransOhio Residential Title Agency Ltd. provides examination and title insurance services to the Company's housing markets in the Raleigh, Charlotte, Chicago, Indianapolis and Cincinnati markets.
M/I Homes Inc
3 Easton Oval Ste 500
COLUMBUS OH 43219