Full Description

Pulte Homes, Inc. (Pulte Homes) is a holding company whose subsidiaries engage in the homebuilding and financial services businesses. The Company’s direct subsidiaries include Pulte Diversified Companies, Inc., Del Webb Corporation (Del Webb), and other subsidiaries engaged in the homebuilding business. Pulte Diversified Companies, Inc.’s operating subsidiaries include Pulte Home Corporation, Pulte International Corporation (International), and other subsidiaries engaged in the homebuilding business. It also has a mortgage banking company, Pulte Mortgage LLC (Pulte Mortgage), which is a subsidiary of Pulte Home Corporation. Homebuilding, the Company’s core business, is engaged in the acquisition and development of land primarily for residential purposes within the continental United States and the construction of housing on such land targeted for first-time, first and second move-up, and active adult home buyers. It also has one reportable segment for its financial services operations, which consists principally of mortgage banking and title operations conducted through Pulte Mortgage and other subsidiaries.

Homebuilding Operations

Through its brands, which include Pulte Homes, Del Webb, and DiVosta, Pulte Homes offers a variety of home designs including single family detached, townhouses, condominiums, and duplexes at different prices and with varying levels of options and amenities to all of its major customer segments: first-time, first and second move-up, and active adult. As of December 31, 2008, its Homebuilding operations offered homes for sale in 459 communities. As of December 31, 2008, its Homebuilding business operated in 49 markets spanning 25 states.

The Company has determined its operating segments to be its Areas, accordingly, the Company’s reportable Homebuilding segments include, Atlantic Coast, Gulf Coast, Midwest, Southwest and California. Atlantic Coast Area includes Connecticut, Delaware, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia. Gulf Coast Area includes Florida, Texas. Great Lakes Area includes Colorado, Illinois, Indiana, Michigan, Minnesota, Ohio. Southwest Area includes Arizona, Nevada, New Mexico. California Area includes California.

Financial Services Operations

Pulte Homes conducts its financial services business, which includes mortgage and title operations, through Pulte Mortgage and other subsidiaries. Pulte Mortgage arranges financing through the origination of mortgage loans primarily for the benefit of our homebuyers. It also engages in the sale of such loans and the related servicing rights. It is lender approved by the Federal Housing Administration (FHA) and Veterans Administration (VA) and are a seller/servicer approved by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), and other investors. In its conventional mortgage lending activities, it follows underwriting guidelines established by FNMA, FHLMC, and private investors. The mortgage underwriting, processing and closing functions are centralized in Denver, Colorado using a centralized fulfillment center. It also uses centralized loan officers in an origination center located in Denver.