Fairway Independent Mortgage enters the wholesale market
Fairway Independent Mortgage Corporation, one of the country’s largest mortgage bankers, has announced that it is entering the wholesale market with select banks, credit unions and brokers. The company will build a national wholesale platform by leveraging its expertise in Federal Housing Administration (FHA), agency and USDA lending and the seasoned management and staff it has assembled. As a retail lender, Fairway Independent Mortgage currently provides mortgages directly to borrowers. By creating a wholesale channel, the company will be able to fund loans for customers of other banks, credit unions and mortgage brokers. It will fund third-party origination (TPO) business through several business lines including fulfillment, broker and correspondent. The move comes after a phenomenal year in loan originations for Fairway Independent Mortgage, which surpassed $3.4 billion in loan volume in 2009, a company record. While this will be Fairway’s first foray into the wholesale market, its senior management has a collective 150 years of experience in the wholesale mortgage industry. Fairway's wholesale team is a blend of mortgage professionals that made up the successful third-party origination sales and operations teams of Union Federal Bank and MidAmerica Bank. The company also looks to take advantage of a huge vacuum created by many previous wholesale market players who exited the wholesale business after the mortgage crisis took hold in 2007. “As the mortgage industry continues to rebound, we see a fantastic opportunity for us in the wholesale market, particularly with our strong focus on FHA lending, high-touch customer service and top-notch talent,” said Steve Jacobson, chief executive officer of Fairway Independent Mortgage. “Although our goals are modest, we believe we can bring the same successful culture, speed and quality of service to the wholesale space as FHA experts who are able to serve banks, credit unions and other loan originators. Entering the wholesale market is the right thing for us to do right now.” For more information, visit www.fairwaywholesalelending.com.