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Retail Mortgage Lender Fairway Enters Wholesale Market

Fairway Independent Mortgage Corporation, a large mortgage banker based in Sun Prairie, Wisconsin, announced Monday it will enter the wholesale market with select banks, credit unions, and brokers.

Using its expertise in Federal Housing Administration (FHA), agency, and U.S. Department of Agriculture (USDA) rural development lending, the retail lender plans to build a national wholesale platform, according to a statement released by the corporation.

Fairway currently provides mortgages directly to borrowers, but via its wholesale channel, the company can fund loans for customers of other banks, credit unions, and mortgage brokers. It will fund a third-party origination business through fulfillment, broker, and correspondent business lines.

“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. “Although our goals are modest, we believe we can bring the same successful culture, speed, and quality of service to the wholesale space as FHA experts who are able to serve banks, credit unions, and other loan originators. Entering the wholesale market is the right thing for us to do right now.”

Founded in 1996, Fairway Independent Mortgage surpassed $3.4 billion in loan volume in 2009, a company record. The company’s 1,000-plus employees operate out of more than 80 locations nationwide.


Author: Heather Hill Cernoch Date: 08/31/2010 Tags: Company News, FHA, Fairway Independent Mortgage Users: Agents & Brokers, Lenders & Servicers

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