Banks team on mortgage venture

Northwestern Financial Review, Nov 1, 2001

Community First Bankshares, Inc., Fargo and Wells Fargo & Co., formed a joint venture montage company called Community First Mortgage, LLC. The new company will provide mortgage origination, documentation, processing and support for all residential mortgage business of Community First Bankshares. This is the first joint opportunity Wells Fargo has offered to a bank partner. Previously, Wells Fargo has only partnered with builders and real estate agents. The company expects to be operational soon.

"We elected to expand our mortgage operations through this joint venture rather than independently because Wells Fargo Mortgage is the largest retail mortgage network in America," said Mark Anderson, president and CEO of Community First. "We are pleased that they chose Community First as the initial bank partner for this program."

The joint venture provides Community First with access to current competitive technology and the benefits of future technological developments as well as expertise in processing and loan servicing.

This is a great opportunity for both organizations and, more importantly, the customers of Community First Bankshares," said Joe Jackson, senior vice president of retail business development for Wells Fargo Home Mortgage. "Our residential lending experience and broad array of mortgage products and services will allow Community First's customers to enjoy one-stop shopping for all their personal and home financing needs."

Under this new joint venture, Community First will be able to expand its mortgage origination business. Loan processing centers will be located in Denver and Minneapolis.

"We will be able to offer a broader line of specialized home financing solutions to our customers," Anderson said.