Financial Instruments (Tables)

3 Months Ended

Feb. 28, 2015

Fair Value Disclosures [Abstract]

Carrying Amounts And Estimated Fair Value Of Financial Instruments

		February 28, 2015			November 30, 2014
	Fair Value	Carrying		Fair	Carrying	Fair
(In thousands)	Hierarchy	Amount		Value	Amount	Value
ASSETS
Rialto:
Loans receivable, net	Level 3	$	116,725	122,012	130,105	135,881
Investments held-to-maturity	Level 3	$	17,624	17,504	17,290	17,155
Lennar Financial Services:
Loans held-for-investment, net	Level 3	$	26,206	25,879	26,894	26,723
Investments held-to-maturity	Level 2	$	47,429	47,497	45,038	45,051
LIABILITIES
Lennar Homebuilding senior notes and other debts    payable	Level 2	$	5,133,118	6,361,102	4,690,213	5,760,075
Rialto notes and other debts payable	Level 2	$	646,082	673,669	623,246	640,335
Lennar Financial Services notes and other debts payable	Level 2	$	632,491	632,491	704,143	704,143

Fair Value Measured On Recurring Basis

The Company’s financial instruments measured at fair value on a recurring basis are summarized below:

Financial Instruments	Fair Value Hierarchy	Fair Value at February 28, 2015			Fair Value at November 30, 2014
(In thousands)
Lennar Financial Services:
Loans held-for-sale (1)	Level 2	$	708,559		738,396
Mortgage loan commitments	Level 2	$	18,966		12,687
Forward contracts	Level 2	$	(55	)	(7,576	)
Mortgage servicing rights	Level 3	$	16,786		17,353
Lennar Homebuilding:
Investments available-for-sale	Level 3	$	28,573		480
Rialto:
Loans held-for-sale (2)	Level 3	$	360,045		113,596

(1) The aggregate fair value of Lennar Financial Services loans held-for-sale of $708.6 million at February 28, 2015 exceeds their aggregate principal balance of $683.5 million by $25.1 million. The aggregate fair value of loans held-for-sale of $738.4 million at November 30, 2014 exceeds their aggregate principal balance of $706.0 million by $32.4 million.

(2) The aggregate fair value of Rialto loans held-for-sale of $360.0 million at February 28, 2015 exceeds their aggregate principal balance of $358.9 million by $1.1 million. The aggregate fair value of loans held-for-sale of $113.6 million at November 30, 2014 exceeds their aggregate principal balance of $111.8 million by $1.8 million

Schedule Of Gains And Losses Of Financial Instruments

The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:

	Three Months Ended
	February 28,
(In thousands)	2015			2014
Changes in fair value included in Lennar Financial Services revenues:
Loans held-for-sale	$	(7,300	)	(1,240	)
Mortgage loan commitments	$	6,279		2,794
Forward contracts	$	7,521		(5,721	)

Reconciliation Of Beginning And Ending Balance For The Company's Level 3 Recurring Fair Value Measurements

The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements:

	Three Months Ended
	February 28,
(In thousands)	2015			2014
Mortgage servicing rights, beginning of period	$	17,353		11,455
Purchases and retention of mortgage servicing rights	344			1,421
Disposals	(779		)	(261	)
Changes in fair value (1)	(132		)	(660	)
Mortgage servicing rights, end of period	$	16,786		11,955

(1) Amount represents changes in fair value included in Lennar Financial Services revenues.

	Three Months Ended
	February 28,
(In thousands)	2015		2014
Investments available-for-sale, beginning of period	$	480	40,032
Purchases and other (1)	28,093		15,994
Changes in fair value (2)	—		4,928
Settlements (3)	—		(1,074	)
Investments available-for-sale, end of period	$	28,573	59,880

(1) Represents investments in community development district bonds that mature at various dates between 2015 and 2039.

(2) The changes in fair value were not included in other comprehensive income because the changes in fair value were deferred as a result of the Company's continuing involvement in the underlying real estate collateral.

(3) The investments available-for-sale that were settled during the three months ended February 28, 2014 related to investments in community development district bonds, which were in default by the borrower and regarding which the Company redeemed the bonds.

	Three Months Ended
	February 28,
(In thousands)	2015			2014
Rialto loans held-for-sale, beginning of period	$	113,596		44,228
Loan originations	565,515			295,508
Origination loans sold, including those not settled	(318,104		)	(253,038	)
Interest and principal paydowns	(208		)	(394	)
Changes in fair value (1)	(754		)	553
Rialto loans held-for-sale, end of period	$	360,045		86,857

(1) Amount represents changes in fair value included in Rialto revenues.

Fair Value Measurements, Nonrecurring

The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represents only those assets whose carrying value were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below:

		Three Months Ended February 28,
		2015					2014
(In thousands)	Fair Value Hierarchy	Carrying Value		Fair Value	Total Gains (Losses) (1)		Carrying Value	Fair Value		Total Gains (Losses) (1)
Financial assets
Rialto:
Impaired loans receivable	Level 3	$	117,949	116,725	(1,224	)	176,122	169,405		(6,717	)
Non-financial assets
Lennar Homebuilding:
Land and land under development (2)	Level 3	$	—	—	—		7,013	6,143	6	(870	)
Rialto:
REO - held-for-sale (3):
Upon acquisition/transfer	Level 3	$	4,883	4,590	(293	)	6,433	6,047		(386	)
Upon management periodic valuations	Level 3	$	5,604	4,479	(1,125	)	19,318	17,913		(1,405	)
REO - held-and-used, net (4):
Upon acquisition/transfer	Level 3	$	8,637	8,912	275		7,716	8,034		318
Upon management periodic valuations	Level 3	$	2,689	1,276	(1,413	)	9,549	8,645		(904	)

(1) Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the three months ended February 28, 2015 and 2014.

(2) Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the three months ended February 28, 2014.

(3) REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The losses upon the transfer or acquisition of REO and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three months ended February 28, 2015 and 2014.

(4) REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains upon acquisition of REO held-and-used, net and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the three months ended February 28, 2015 and 2014.