Wells Fargo Home Mortgage, Dominion Homes Form Joint Venture

Wells Fargo Home Mortgage and Dominion Homes today announced that they intend to form a joint venture to originate and fund mortgage loans for customers of Dominion Homes and the general public.

The new venture will offer customers a wide range of home financing products and services available from Wells Fargo Home Mortgage, one of the nation's leading providers of residential financing. The joint venture will utilize Wells Fargo Home Mortgage's underwriting, compliance and loan-processing services. This value-added approach will provide Dominion Homes' customers with a seamless purchasing experience.

Wells Fargo Home Mortgage will hold a majority interest in the yet to be named venture. The venture will operate as a mortgage bank and originate process and fund mortgage loans for in central Ohio, Kentucky, and Indiana. It will eventually replace Dominion's current mortgage affiliate, Dominion Homes Financial Services. Dominion Homes is among the top 30 builders in the country.

"The selection of Wells Fargo was a natural one," said Douglas Borror, CEO of Dominion Homes. "As one of the largest and most prestigious providers of mortgages in the U.S., Wells Fargo is a great fit to properly align with our customers' needs."

Joe Jackson, head of Wells Fargo Ventures, said the company was excited about the strategic business relationship with a leading builder of homes in central Ohio and Kentucky.

"Our extensive mortgage expertise and experience as a joint venture participant allows us to create a company that can focus on serving the customers of Dominion Homes. Consumers consistently tell us that being able to get all of their services in one location is important to them. We will be able to offer on-site mortgage information and speedy approvals to qualified buyers."

Celebrating its centennial year, Wells Fargo Home Mortgage is the nation's No. 1 retail mortgage lender* and one of the country's leading servicers 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 retail and wholesale lending operations. Wells Fargo Home Mortgage services loans for 5.7 million customers in all 50 states from its base of operations in Des Moines, Iowa.

* Based on year-end statistics compiled by "Inside Mortgage Finance" --

Feb. 17, 2006

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