Sun Prairie, Wis.-based lender Fairway Independent Mortgage Corp. says it has reached its highest annual volume in the company's 14-year history, having grown to over $2.55 billion in loan volume as of September – up 67% from September of last year.
‘Our growth is attributed to several factors, including recent interest-rate drops, lower home prices, the federal housing tax credit for first-time buyers, and a very professional sales team,’ CEO Steve Jacobson says. "In addition, our decisions to stay clear of risky loans when they were popular and to get early [Federal Housing Administration] approval helped paved the way for us to reach this milestone."Â
A majority of the company's loan volume has shifted toward government lending, which is indicative of recent federal initiatives to reinvigorate the housing market and the company's proactive steps towards government lending.Â
Fairway Independent Mortgage plans to leverage its sales success to recruit seasoned branch managers and loan officers, Jacobson adds.Â "As the market continues to tighten for brokers, it's an opportunity for mortgage bankers like ourselves to continue to grow our presence in the local communities."
The company also says it plans to conduct more of its business in person and anticipates it will see fewer loan transactions handled entirely by phone or the Web.Â
"Lending has returned to the basics, and we feel that in-person consultations are essential – along with providing loan documents early to our title companies and attending closings in person," Jacobson says.