Skip to main content

Fairway Reassures Brokers Of Its Commitment To The Community

Navi Persaud
Mar 15, 2021
Fairway Independent Mortgage Corp. Logo

Fairway Independent Mortgage Corporation has broken its silence following the ultimatum that was issued to brokers by United Wholesale Mortgage. The company is reaffirming its commitment to all of its mortgage origination partners, including brokers.

"Fairway started as a broker in 1996—in fact, personally originated as a broker," said Steve Jacobson, CEO of Fairway, according to a press release. "We are a mortgage banker now because we grew—nothing more or less. We appreciate the extra attention the last two weeks has provided and thankful for the extra opportunities we’ve been given."

"We've always believed in doing what is best for the consumer, and that will never change. For that reason, we will always support a broker's decision to work with any lender they choose, and we will continue to work every day to earn the trust and respect of all our origination partners. At the end of the day, we are all working for the borrower," added Jacobson.

The company is also encouraging brokers to learn more about its wholesale lending channel, which includes training programs such as classes on using the new Uniform Residential Loan Application. Fairway also raised its jumbo purchase loan and refinance loan limits and is using its Lock and Build Extended Lock Program to extent rate locks with float-down options, which the company says adds flexibility for both borrowers and brokers.

The ultimatum stated that brokers could no longer do business with Rocket Mortgage or Fairway if they intended on continuing to do business with UWM. UWM alleges that both Rocket and Fairway participate in actions that directly zero in on working around or cutting out the people at the heart of the wholesale community: loan officers and real estate agents. While Rocket Pro TPO executive vice president, Austin Niemiec, issued a swift response following UWM's Facebook Live announcement, this is the first time Fairway is fully addressing the situation. Niemiec also doubled-down on his response last week.

"We remain dedicated to the mortgage broker community and we consistently strive to provide brokers with the resources to give borrowers the best opportunities to qualify for financing a home," said Al Hecklinski, senior vice president, TPO production at Fairway Wholesale Lending. "Our goal is to consistently improve our wholesale channel and our platform, so we can help our broker partners educate borrowers in making the right choices and the best financial decisions for their families."

According to UWM, some large broker shops have already signed an addendum, which bars them from being able to work with both Fairway and Rocket.

"We are grateful for the mortgage broker community and our customers, and we will continue providing brokers with programs that benefit all borrowers, including Veterans who have fought for their share of the American dream of financing their own home,” said Jacobson. "We can only concentrate on putting our best foot forward to do the right thing for our clients and all our business partners, and we will continue to work to achieve that goal each and every day."

Published
Mar 15, 2021
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021