Friday, June 13, 2014

NewDominion Bank gets back into mortgage game

After several years without originating home loans, NewDominion Bank announced Friday that it has set up a mortgage division and brought on a local industry veteran to run it.

The Charlotte community bank said it has brought on Scott Jenkins as mortgage banking executive, running an operation that makes conventional, jumbo and government-program mortgages. Jenkins previously was founder and owner of Bridgewater Capital.

“Building a mortgage division in the city where I grew up is an exciting opportunity,” Jenkins said in a statement. “We are off to a fast paced start with our current team. Our main goal over the next 12 months is to expand our sales force and operational staff.”

Mortgages haven't been a part of NewDominion's product line for some time. Back in the mid-2000's, NewDominion had a mortgage operation run out of Raleigh. It was shuttered as the bank ran into trouble during the economic downturn. It had already gone out of operation when the current management team, led by CEO John Hipp, came on board in 2010.

Chief operating officer Marc Bogan said last year's $10 million capital raise helped provide the seed money to launch this new business line, which will diversify NewDominion's revenue stream.