Fairway Independent Mortgage offers FHA loan origination via TPO market
Fairway Independent Mortgage Corp. will offer Federal Housing Administration loan origination services and sponsor mortgage brokers who initiate FHA-insured mortgages, the firm said Monday. The Sun Prairie, Wis.-based mortgage banker's move follows its recent entrance into wholesale lending and fulfillment services and comes as large lenders eliminate or limit business through third-party originators. Fairway said it offers four programs: a traditional broker/third-party originator relationship; a scalable fulfillment offering; a referral program and a closed-loan purchase program. “Although the mortgage brokerage industry has gone through unprecedented changes, we strongly believe in brokers and smaller correspondents as an origination channel and are looking forward to filling the void being created by larger institutions,” said Howard Hoyt, sales manager for Fairway Wholesale Lending, a division of Fairway. “Independent brokers continue to play an important role in our industry by providing competition and consumer choice." Fairway said it is on pace for another record year in loan production, according to a press statement released during this week's Mortgage Bankers' Association conference in Atlanta. The company funded more than $3.5 billion in mortgage loans in 2009 and is on pace to meet or exceed that volume this year, it said. Write to Kerry Curry.