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Fairway Forecasting Another Strong Year Despite Down Market

Oct 10, 2011

Fairway Independent Mortgage Corporation has surpassed the $2.3 billion mark in mortgage volume for 2011 as of Sept. 30, 2011 and is on pace for another strong year in spite of the struggling housing market. The company’s year-to-date volume is only 13 percent lower from the same time last year when it was $2.6 billion, which compares favorably with the 28 percent decrease in total origination volume currently projected by the Mortgage Bankers Association (MBA) for 2011. “We’ve far exceeded our expectations,” said Steve Jacobson, CEO of Fairway Independent Mortgage. “Back in January, everybody was saying the industry would be off 30 to 40 percent this year, so we are grateful to be as busy as we are. Our mission has been simple—we stay consistent with our marketing efforts and focus on the things we can control, such as delivering fantastic service to our borrowers.” Fueled by low mortgage interest rates, Fairway Independent Mortgage finished 2010 with strong activity on the way to $3.94 billion in total mortgage originations for the year. Volume is again picking up late in 2011 due to a further decline in interest rates. The company originated $400 million in mortgage volume during September 2011, with mortgage refinancing representing roughly half of that volume. “While we do not anticipate being as busy as we were last year, we do expect plenty of activity through the rest of 2011 due to the effect low interest rates are having on the refinancing side of our business,” said Jacobson. “At the same time, when rates are this low, it’s great for first-time home buyers. In most markets, qualified borrowers who want to buy a home and keep it for least five to seven years have an amazing opportunity.” Fairway Independent Mortgage continues to recruit and expand its number of branches in 2011, adding new offices in Alabama, Connecticut and North Carolina, and other markets. It has also placed a strong focus on abiding by upcoming regulations such as those identified in the recent Dodd-Frank Wall Street Reform and Consumer Protection Act. “Everybody in the mortgage industry is preparing for Dodd-Frank,” Jacobson said. “For us, it meant making sure our compliance and regulatory departments are robust and ready to handle the changes that we know are going to come.”
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