Fairway Independent Mortgage Reaches Nearly $4 Billion in Loans in 2010
Fairway Independent Mortgage Corporation has announced that it has reached its highest annual volume in the company’s 15-year history with $3.94 billion in mortgage volume for 2010 as of Dec. 31, 2010. The total exceeds the previous annual record volume of $3.35 billion set in 2009. "We've been very fortunate,” said Steve Jacobson, chief executive officer of Fairway Independent Mortgage. “For years, we've been focused on the purchase business, which comprised 80 percent of our volume at the beginning of the year. This year, we were also able to take advantage of lower rates and refinance activity as well. There's no magic involved. It's a difficult business, and it’s never been easy. But we try to be consistent in our plan and never assume we've got it made.”
After a very successful 2009, Fairway Independent Mortgage invested heavily in technology to make its origination process more efficient and to prepare for increased regulation, including sweeping rule changes brought on by The Dodd–Frank Wall Street Reform and Consumer Protection Act. The company also expanded into the wholesale market during 2010, taking advantage of the recent departures of several large retail banks and offering several new fulfillment services packages to mortgage brokers and other originators.
Jacobson said the company’s focus in 2011 will continue to be on recruitment, as new loan officer compensation rules will likely open up a surplus of industry talent. Two years ago, the company had less than 700 employees; today there are more than 1,030. “We're recruiting right now," Jacobson said. “Our success has always been a team effort, and we're constantly adding good people."
For more information, visit www.FairwayIndependentMC.com.
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