Fulfillment Services Offered by Fairway Independent Mortgage

Growing national lender provides new opportunities for resource-strapped lenders, banks and credit unions with full suite of underwriting, processing, appraisal and document preparation business lines

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Fairway Independent Mortgage Corporation

Sep 27, 2010, 10:04 ET

SUN PRAIRIE, Wis., Sept. 27 /PRNewswire/ -- Fairway Independent Mortgage Corporation, one of the country's largest and fastest-growing mortgage bankers, announced it is rolling out a full suite of fulfillment services for financial services companies who want to grow their mortgage lending operations but may lack the capital, resources or infrastructure to do so.

As a fulfillment services provider, Fairway Independent Mortgage will be leveraging its experience and capital as a nationwide, full-service mortgage banker. The company funded over $3.5 billion in mortgage loans in 2009 and is on pace to either meet or exceed that volume in 2010. By outsourcing their underwriting, processing and document preparation needs to Fairway Independent Mortgage, lenders, banks and credit unions can expand their mortgage lending operations while saving money and enjoying the benefits of Fairway's state-of-the-art technology, fraud prevention tools, appraisal management services, and expert staff. Fairway can also help financial institutions maintain compliance with regulatory changes such as the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The company will be offering four different business solutions:

Fairway Advantage – This entry level of participation is for the originator who only wants 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 – Originators with minimal mortgage lending experience can provide mortgage application and supporting documentation from borrowers and complete the initial disclosures to meet regulatory compliance. Fairway completes processing of the loan application by underwriting the loan, reviewing title documents, and preparing the closing package.

Fairway Traditional – A traditional third-party originator (TPO)/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.

Fairway Correspondent – 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. 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.

"Offering fulfillment services was a natural step for us, and addresses a very specific market need," said Dan Cutaia, president of capital markets and risk management for Fairway Independent Mortgage Company. "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. Meanwhile, many larger lenders are looking to offload some of their overhead to cut costs. Given our strong capital resources, we can help both groups. Our complete range of fulfillment program packages provides a clear path to the closing table for any bank, credit union or institution that wants to sell loans."

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. Fairway is building a national wholesale platform by leveraging its expertise in FHA, agency and USDA lending and the seasoned management and staff it has assembled. The website for Fairway Wholesale Lending can be found at www.fairwaywholesalelending.com.

About Fairway Independent Mortgage Corporation

Founded in 1996, Fairway Independent Mortgage Corporation is a mortgage banker headquartered in Sun Prairie, Wisconsin. The company has over 80 locations and more than 1,000 employees nationwide. Its vision is to foster relationships and create a team atmosphere, empowering offices to operate autonomously in their day-to-day operations, while still maintaining strict compliance and consistency across the board. Fairway Independent Mortgage corporate provides all necessary support in the areas of personnel, accounting and quality control. For more information, please visit www.FairwayIndependentMC.com.