NVR, INC. APPOINTS NEW MEMBER TO BOARD OF DIRECTORS

Rhea-AI Summary

NVR Inc. (NYSE: NVR), a prominent homebuilding and mortgage banking company, has announced the appointment of Michael J. DeVito to its Board of Directors as an independent director, effective July 1, 2025.

DeVito brings significant industry experience, having served as the CEO and Executive Director of Freddie Mac from 2021 to 2024. Prior to Freddie Mac, he spent 24 years at Wells Fargo & Company, where he held various senior management positions in home lending, ultimately serving as Executive Vice President and Head of Home Lending.

Positive

• Addition of experienced housing industry executive with significant mortgage banking expertise
• Strengthening of board independence with new independent director appointment

Negative

• None.

RESTON, Va., July 1, 2025 /PRNewswire/ -- NVR, Inc. (NYSE: NVR) announced today that Michael J. DeVito has been appointed to its Board of Directors as an independent director effective July 1, 2025.

Mr. DeVito was the Chief Executive Officer and an Executive Director of Federal Home Loan Mortgage Corporation (Freddie Mac), one of the largest providers of mortgage financing in the country, from 2021 to 2024. Prior to working for Freddie Mac, Mr. DeVito worked for twenty-four years at Wells Fargo & Company in various home lending senior management positions of increasing responsibility. The last position Mr. DeVito held was Executive Vice President and Head of Home Lending.

About NVR

NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes, and Heartland Homes trade names, and operates in thirty-six metropolitan areas in sixteen states and Washington, D.C. For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com and www.heartlandluxuryhomes.com.

View original content:https://www.prnewswire.com/news-releases/nvr-inc-appoints-new-member-to-board-of-directors-302495022.html

SOURCE NVR, INC.

FAQ

Who is the new board member appointed to NVR's Board of Directors?

Michael J. DeVito, former CEO of Freddie Mac (2021-2024) and former Executive VP and Head of Home Lending at Wells Fargo, has been appointed as an independent director.

When does Michael DeVito's appointment to NVR's board become effective?

Michael DeVito's appointment as an independent director becomes effective on July 1, 2025.

What is Michael DeVito's background in the housing industry?

DeVito served as CEO of Freddie Mac from 2021 to 2024 and spent 24 years at Wells Fargo in various home lending senior management positions, ultimately as Executive VP and Head of Home Lending.

What are NVR's main business segments?

NVR operates in two main business segments: homebuilding (under Ryan Homes, NVHomes, and Heartland Homes brands) and mortgage banking, serving 36 metropolitan areas across 16 states and Washington, D.C.