Single-family rental bonds are here to stay

Single-family rental bonds are here to stay

ABS East panel: Asset class will continue to grow

CFPB collecting data on 600 million credit accounts despite privacy, security risks

GAO report: Weaknesses in CFPB ability to assess data collection, oversight troubling

Ginnie Mae launches 5 new initiatives to increase mortgage lending

HUD secretary warns American Dream remains out of reach
W S

Fairway rolls out new mortgage suite to act as outsourcer for lenders

/ Print / Reprints /
| Share More
/ Text Size+
Fairway Independent Mortgage Corporation announced today its plans to act as a fulfillment services provider to financial institutions all over the country. The mortgage banking firm welcomes lenders, both big and small, to use its mortgage suite comprised of four different business solutions Fairway provides. The first is Fairway Advantage, an entry level participation program for originators who only want to provide minimal documentation, such as a loan application, credit and income documentation and rate quotes. Fairway processes and underwrites the loan, reviews title documents and prepares the closing package. The second solution is Fairway Direct which supports originators with little lending experience by processing loan applications, underwriting a loan, reviewing title documents and preparing the closing package. Fairway Traditional offers lenders a third-party originator service in which Fairway will prepare all closing documents, schedule the closing date and fund the loan. Lenders  take care of the origination process up to the closing point. The last option, Fairway Correspondent, offers Fairway as a research firm in that they perform credit and collateral analysis for lenders who choose to fund their own loans through bank deposits or warehouse lines of credit. Fairway will ready the loan for closing as well as document it post-closing and deliver the loan in to the secondary market. "In the current financial climate, many smaller financial institutions want to offer mortgage loans to their customers yet lack the resources and infrastructure to take loans from origination to the secondary market. Meanwhile, many larger lenders are looking to offload some of their overhead to cut costs," said Dan Cutaia, president of capital markets and risk management for Fairway Independent Mortgage. "Given our strong capital resources, we can help both groups." Last year, Fairway Independent Mortgage funded more than $3.5 billion in mortgage loans and said it is on track to exceed that in 2010. The rollout of Fairway's mortgage suite follows a decision to enter the warehouse lending space after having its most successful year on record. Write to Christine Ricciardi.

Recent Articles by Christine Ricciardi

Comments powered by Disqus