Fairway Independent Mortgage Corp. is rolling out a suite of fulfillment services for financial services companies looking to grow their lending operations. The company, which funded over $3.5 billion in mortgages last year, offers four different fulfillment service solutions.
The entry-level solution, Fairway Advantage, is designed for originators that 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.
Fairway Direct is intended for originators with minimal mortgage lending experience that can provide mortgage application and supporting documentation from borrowers and complete the initial disclosures to meet regulatory compliance. Fairway completes the processing of the loan application by underwriting the loan, reviewing title documents and preparing the closing package.
Fairway Traditional is a traditional third-party originator/lender relationship in which the lender originates and processes the loan, including ordering the appraisal and title work. Fairway prepares the closing documents, schedules the closing date and table funds the loan.
For originators that want to fund their own loans through bank deposits or warehouse credit lines, Fairway performs the credit and collateral analysis and readies the loan to close under a program called Fairway Correspondent. Following closing, the loan goes to Fairway's post-closing department, where Fairway obtains any additional documentation, perfects the purchase of the loan and delivers the loan into the secondary market.
Dan Cutaia, president of capital markets and risk management for Fairway, calls the extension of fulfillment services a ‘natural step.’
"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,’ he says. ‘Meanwhile, many larger lenders are looking to off-load some of their overhead to cut costs.’
The rollout of Fairway's new fulfillment services packages follows the company's recent move into the wholesale market with select banks, credit unions and brokers.