Beazer Exits Mortgage Business, Leaves Five Markets

Beazer Homes announced late Friday that it will discontinue its mortgage origination business and had signed an agreement to move forward with Countrywide Financial Corp. Under the arrangement, Beazer Homes will market Countrywide as its preferred mortgage provider to Beazer’s home buyers. Countrywide loan counselors will be available to Beazer customers at all of the builder’s communities. The big builder also said it will be leaving five markets: Charlotte, N.C.; Cincinnati/Dayton, Ohio; Columbia, S.C.; Columbus, Ohio; and Lexington, Ky. According to its press release, Beazer plans to complete all homes under construction and will offer warranty services to homeowners. “We believe that the strategic actions we are announcing today will position us well to take advantage of opportunities that will arise when our markets begin to recover,” said Ian J. McCarthy, Beazer’s president and CEO.