Industry News

Wells Fargo, Dominion team up

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Wells Fargo Home Mortgage and home builder Dominion Homes have formalized and named their previously announced new joint venture, Centennial Home Mortgage, which will originate and fund mortgage loans in Ohio, Kentucky and Indiana, the companies said Tuesday. Centennial Home Mortgage will provide mortgage origination services, including reviewing applications and pre-qualifying buyers for home loans for Dominion Homes' customers and the general public, the companies said. Dominion Homes Financial Services, a subsidiary of Dominion Homes, formerly provided these services. In addition, Centennial Home Mortgage will operate as a mortgage lender with a capital structure that allows it to fund the mortgages it originates, the companies said. Wells Fargo owns the majority share of the new company, and is responsible for day-to-day operations and regulatory compliance, according to the companies. Mike Biagi, who has been an assistant vice president and branch manager for Wells Fargo Home Mo...