NVR (NVR) risk factors: FY2025 10-K

1. An economic downturn or decline in economic conditions could adversely affect our business and our results of operations.
2. Interest rate movements, inflation and other economic factors can negatively impact our business.Interest rates
3. Because almost all of our customers require mortgage financing, limited availability of suitable mortgage financing could impair the affordability of our homes, lower demand for our products, and increase cancellation of homes in our backlog.
4. If the market value of our inventory or controlled lot position declines, our profit could decrease and we may incur losses.
5. We face competition in our homebuilding and mortgage banking operations.
6. Any inability to secure and control an adequate inventory of lots could adversely impact our operations.
7. A shortage of building materials or labor, or increases in materials or labor costs may adversely impact our operations.
8. We rely on subcontractors to construct our homes. The failure of our subcontractors to properly construct our homes may be costly.
9. Product liability litigation and warranty claims may adversely impact our operations.
10. We are subject to litigation proceedings that could harm our business if an unfavorable ruling were to occur.
11. If the underwriting quality of our mortgage originations is found to be deficient, our profit could decrease and we may incur losses.
12. We may be subject to claims on mortgage loans sold to third parties.
13. The loss of key personnel could adversely impact our business.
14. Cybersecurity incidents affecting our electronic and other confidential information could expose us to liability and materially adversely affect our financial condition and results of operations.Cybersecurity
15. Volatility in the credit and capital markets may impact our ability to access necessary financing.
16. Our current indebtedness may impact our future operations.

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1. Government regulations and environmental matters could negatively affect our operations.
2. Increased regulation of the mortgage industry could harm our future sales and earnings.

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1. Health epidemics could have an adverse impact on our business and operations, and the markets, states and local communities in which we operate.reworded
2. Weather-related and other events beyond our control may adversely impact our operations.
3. Our continued success is dependent on positive perceptions of us and our brands which, if eroded, could adversely affect our business and our relationships with our customers.

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