New Entrant In Wholesale Space

Posted by Orb Staff on August 30, 2010 No Comments
Categories : Residential Mortgage

Sun Prairie, Wis.-based Fairway Independent Mortgage Corp. is entering the wholesale market with select banks, credit unions and brokers. The company plans to build a national wholesale platform by leveraging its expertise in agency, Federal Housing Administration (FHA) and U.S. Department of Agriculture home loan lending.

Fairway will fund third-party origination (TPO) business through several business lines, including fulfillment, broker and correspondent.

The move comes after Fairway experienced a record year in loan originations in 2009, surpassing $3.4 billion in loan volume. Although this will be Fairway's first foray into the wholesale market, the company notes that its senior management has a collective 150 years of experience in the wholesale mortgage industry.

Fairway's wholesale team includes mortgage professionals that made up the TPO sales and operations teams of Union Federal Bank and MidAmerica Bank.

The company says it looks to take advantage of the vacuum created by many previous wholesale market players that exited the wholesale business in recent years.

"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," says Steve Jacobson, CEO. "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.’

The company has set up a website for its wholesale operations, found here.

SOURCE: Fairway Independent Mortgage Corp.

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