Fairway enters wholesale lending market after biggest year on record
Fairway Independent Mortgage Corporation announced today that it's making its first venture into loan origination and distribution in the wholesale market. The move comes after the company hit a record high origination volume in 2009, more than $3.4 billion. “As the mortgage industry continues to rebound, we see a fantastic opportunity for us in the wholesale market, particularly with our strong focus on FHA lending, high-touch customer service and top-notch talent,” said Steve Jacobson, CEO of Fairway Independent Mortgage. Fairway said it plans to build a national wholesale platform by leveraging its expertise in agency, Federal Housing Authority and U.S. Department of Agriculture lending. The company currently provides loans directly to borrowers. By creating a wholesale channel, Fairway said it will be able to provide funds to customers of other banks, credit unions or brokers. Fairway also said it plans to fill the "huge vacuum" created when many previous wholesale lenders exited the business after the mortgage crisis materialized in 2007. "Entering the wholesale market is the right thing for us to do right now," said Jacobson. Fairway Independent Mortgage Corporation is a mortgage banking firm founded in 1996. The firm, based in Sun Prairie, Wis., had a year-to-date origination volume of $1.9 billion, as of July 31. Write to Christine Ricciardi. Disclosure: The author holds no relevant investments.