Lennar Financial Services Segment (Tables)

3 Months Ended

Feb. 28, 2015

Lennar Financial Services Segment [Abstract]

The assets and liabilities related to the Lennar Financial Services segment were as follows:



(In thousands)	February 28, 2015		November 30, 2014
Assets:
Cash and cash equivalents	$	84,201	90,010
Restricted cash	8,347		8,609
Receivables, net (1)	113,625		150,858
Loans held-for-sale (2)	708,559		738,396
Loans held-for-investment, net	26,206		26,894
Investments held-to-maturity	47,429		45,038
Goodwill	38,854		38,854
Other (3)	86,739		78,394
	$	1,113,960	1,177,053
Liabilities:
Notes and other debts payable	$	632,491	704,143
Other (4)	185,055		192,500
	$	817,546	896,643


(1)	Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2015 and November 30, 2014, respectively.


(2)	Loans held-for-sale related to unsold loans carried at fair value.

(3)

Other assets included mortgage loan commitments carried at fair value of $19.0 million and $12.7 million as of February 28, 2015 and November 30, 2014, respectively. As of February 28, 2015 and November 30, 2014, other assets also included mortgage servicing rights carried at fair value of $16.8 million and $17.4 million, respectively, and other investment securities of $19.3 million and $16.8 million, respectively.


(4)	Other liabilities included $68.9 million and $69.3 million as of February 28, 2015 and November 30, 2014, respectively, of certain of the Company’s self-insurance reserves related to general liability and workers’ compensation. Other liabilities also included forward contracts carried at fair value of $7.6 million as of November 30, 2014.

Schedule of Line of Credit Facilities [Table Text Block]

At February 28, 2015, the Lennar Financial Services segment warehouse facilities were as follows:



(In thousands)	Maximum Aggregate Commitment
364-day warehouse repurchase facility that matures June 2015 (1)	$	150,000
364-day warehouse repurchase facility that matures December 2015 (2)	350,000
364-day warehouse repurchase facility that matures March 2016 (3)	300,000
Totals	$	800,000


(1)	Maximum aggregate commitment includes a $50 million accordion feature that is available beginning the tenth (10th) calendar day immediately preceding the first day of a fiscal quarter-through 20 days after fiscal quarter-end.


(2)	In accordance with the amended warehouse repurchase facility agreement, the maximum aggregate commitment was increased from $325 million to $350 million through the second quarter of fiscal 2015 and will be increased to $450 million for the third and fourth quarter of fiscal 2015.


(3)	Maximum aggregate commitment includes a $100 million accordion feature that is available 10 days prior to the end of each fiscal quarter through 20 days after each fiscal quarter end. At February 28, 2015 the facility was on a rolling termination date through March 19, 2015 extending the final maturity date to March 2016.

Schedule Of Loan Origination Liabilities

The activity in the Company’s loan origination liabilities was as follows:



	Three Months Ended
	February 28,
(In thousands)	2015			2014
Loan origination liabilities, beginning of period	$	11,818		9,311
Provision for losses	802			293
Payments/settlements	(144		)	(19	)
Loan origination liabilities, end of period	$	12,476		9,585

Impaired Financing Receivables [Table Text Block]

The total unpaid principal balance of the impaired loans was as follows:



(In thousands)	February 28, 2015			November 30, 2014
Impaired loans unpaid principal balance	$	7,912		7,576
Valuation allowance	(3,789		)	(3,730	)
Investment in impaired loans	$	4,123		3,846