A national mortgage wholesaler announced a new program that will provide a variety of options for third parties seeking to originate loans that are insured by the Federal Housing Administration.
The program was announced Monday by Fairway Independent Mortgage Corp.
The Sun Prairie, Wis.-based company said it will start offering FHA loan origination services and sponsor mortgage brokers and other third parties who originate FHA-insured mortgages.
Fulfillment options include traditional broker and third-party relationships, a scalable fulfillment offering, and a referral program. Fairway will also purchase closed loans on a correspondent basis.
In August, Fairway reported that it was developing a national wholesale platform.
The company said 2009 originations were more than $3.5 billion, while this year is expected to be better. Second-quarter production was reported at $0.7 billion.
Howard Hoyt, sales manager for Fairway Wholesale Lending, said in Monday’s statement that the company is committed to the broker and correspondent lender channels.
Employment at Fairway has increased from around 900 employees in the first quarter to 1,050.
