Fairway Overhauls Its Reverse Mortgage Channel
Company decentralizes its operations and creates Reverse Advisory Council.
Fairway Independent Mortgage Corp., one of the nation's largest lenders, said Monday it is reorganizing its reverse mortgage channel.
Calling it “the next step in the evolution of reverse mortgages,” Fairway said it is decentralizing its operations, “moving away from the strongly centralized model which had previously been in place.” The company also said it plans to “invest unprecedented resources” in the channel.
“To drive this initiative, Fairway is launching a new Reverse Advisory Council, comprised of top leadership from sales, operations, and support, to lead on reverse mortgage production.” the company said in a news release.
According to the company, its branches will benefit from increased regionalized support service across the entire network, focusing on fast response at every level.
Steve Jacobson, Fairway CEO, said it is time to take the reverse platform to the next level, "with more speed and improved processes and communication. That's what our sales team and our customers deserve, so we're making it happen. Fairway gives these opportunities for growing platforms — it's part of what makes Fairway who we are, and it's time for our reverse mortgage platform to really expand so we can continue to help and serve families."
National Sales Support Director Mike Daryanani said he’s always known Fairway loan officers were on another level. “We're ready to serve a new phase of reverse, assisting both loan officers and our senior homeowners,” he said. “The changes we're implementing are all about making the experience for reverse borrowers faster and easier."
Tane Cabe, national director of the HECM for Purchase program, also expressed excitement about the new direction. "Fairway has the culture, experience, and tenacity to lead the reverse mortgage space,” Cabe said. “This next season for us will be one of serving our borrowers beyond expectations. Fairway has always been a leader in the ‘forward’ purchase market through its national network of knowledgeable loan officers. Fairway is the company to lead the charge in Reverse Mortgages, changing the lives of retirees throughout the nation."
According to data from Reverse Market Insight (RMI), in 2022 Fairway was the No. 3 retail reverse mortgage lender in the U.S., and No. 1 in HECM for purchase.
Peter Sciandra, vice president of secondary marketing for reverse, said the changes will improve the channel for the future. "Combining experienced reverse mortgage professionals with the excellence of Fairway's retail platform has always been our path towards mainstreaming the reverse mortgage,” he said. “With this infusion of both financial and sweat equity, Fairway has its sights set not only on No. 1 in the industry, but bringing reverse mortgages to an entirely new audience."
Fairway COO Len Krupinski agreed. "Removing silos from the business and leading from the street has helped us become the No. 3 purchase lender in the country and close over $42 billion last year in a challenging market. Now we bring that practical approach to reverse in a big way."
Fairway Independent Mortgage Corp. is a full-service mortgage lender licensed in all 50 states and the District of Columbia. It has more than 700 branches, more than 4,000 licensed employees and more than 9,000 team members, who produced $42 billion in volume in 2022, the company said.