Wells Fargo Home Mortgage, Dominion Homes Launch Joint Venture
April 04 2006 - 9:27AM
Business Wire
Last Friday, Dominion Homes, Inc. (NASDAQ:DHOM) and Wells Fargo
Home Mortgage, a division of Wells Fargo Bank, N.A., one of the
nation's leading providers of residential mortgages, formalized and
named their previously announced new joint venture, Centennial Home
Mortgage, LLC. This operation will originate, process and fund
mortgage loans for Dominion Homes' customers, in Ohio, Kentucky,
and Indiana, as well as for the general public. Centennial Home
Mortgage will provide mortgage origination services, including
reviewing applications and pre-qualifying buyers for home loans.
These services were formerly provided by Dominion Homes Financial
Services, Ltd., a subsidiary of Dominion Homes, Inc. In addition,
Centennial Home Mortgage will operate as a mortgage lender with a
capital structure that allows it to fund the mortgages it
originates. Wells Fargo owns the majority share of the new company,
and is responsible for day-to-day operations and regulatory
compliance. Mike Biagi has been named managing officer of
Centennial Home Mortgage. Mr. Biagi has over 15 years of experience
in the mortgage lending industry. For the past seven years, he has
been an assistant vice president and branch manager for Wells Fargo
Home Mortgage in Central Ohio. "Centennial Home Mortgage will
provide our customers with the benefits of outstanding mortgage
products and services that are competitively priced and offered by
a highly respected player in the industry. It will also allow us to
concentrate on our core business of selling and building homes,"
said William Cornely, chief financial officer of Dominion Homes.
Celebrating its centennial year, Wells Fargo Home Mortgage is the
nation's No. 1 retail mortgage lender(a) and a leading servicer of
home mortgages. As a division of Wells Fargo Bank, N.A., it has a
local presence in more than 2,400 mortgage stores and bank
branches, plus the capabilities to serve the home financing needs
of customers nationwide through its call centers, Internet
presence, and wholesale lending operations. Wells Fargo Home
Mortgage services loans for approximately 5.7 million customers in
all 50 states from its base of operations in Des Moines, Iowa.
Dominion Homes offers a variety of homes, which are differentiated
by size, price, standard features and available options. The
company's "The Best of Everything" philosophy focuses on providing
its customers with premium products, quality and customer service.
Additional information about Dominion and its homes is available on
its website (www.dominionhomes.com). (a)Based on year-end 2005
statistics compiled by Inside Mortgage Finance - Feb. 17, 2006
Certain statements in this news release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results to differ materially. Such risks, uncertainties and other
factors include, but are not limited to, weather conditions,
changes in general economic conditions, fluctuations in interest
rates, increases in raw materials and labor costs, levels of
competition and other factors described in the Dominion Homes, Inc.
Form 10-K for the year ended December 31, 2005. All forward-looking
statements made in this press release are based on information
presently available to the management of Dominion Homes, Inc.
Dominion Homes, Inc. assumes no obligation to update any
forward-looking statements.
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