Fairway Independent Mortgage Corporation announced that it has more than doubled its mortgage sales in New England in 2009, becoming one of the largest mortgage lenders in the region. Mortgage loan volume for the company's New England offices grew from $295 million in 2008 to $720 million in 2009, a 244 percent increase. Fairway is now ranked 28th in mortgage loan volume in Massachusetts, up from 76th in 2008, just two years after opening its first Massachusetts branch in February of 2006. Although a large percentage of Fairway's business is concentrated in The Bay State, Fairway has branches in New Hampshire, Maine and Rhode Island and closes loans throughout New England.
Nationwide, Fairway Independent Mortgage is coming off a record year in 2009. Amid one of the most challenging years for the mortgage industry, Fairway Independent Mortgage Corporation closed $3.3 billion in mortgage volume, a 70 percent increase from the prior year. Leading the charge in New England was the company's Needham, Mass. branch, managed by Amy Tierce, which finished 2009 with $226 million in mortgages sold, followed by the Newburyport branch, managed by Dan Ventura, with $198 million.
Tierce attributed the company's success to its ability to establish trust with borrowers and follow through with unparalleled customer service. "In today's mortgage industry, competence is king," she said. "Our success is not about some wonderful marketing plan or driving leads through the Internet. This is about recruiting the right local people, delivering superb one-on-one service, and winning deals because we do our job well. We feel honored to be able to be playing a part in the area's recovery."
Tierce predicted the New England real estate market will strengthen and sales would increase in the coming year. One positive sign, she said, is that rental costs and home prices are moving back into balance. "For the most part, I think we're coming out of the decline. As prices soared over the past several years, it became cheaper to rent than to buy. Now the pendulum has swung back the other way, and with lower home prices, homeownership costs and rental costs have fallen back into line," Tierce said.
"Massachusetts has a tendency to lead the nation when it comes to real estate market trends," Tierce added. "I believe this will hold true in the months ahead. New England will probably stabilize before other markets, and I think we'll have a strong spring market."
For more information, visit www.FairwayIndependentMC.com.