Fairway Independent Mortgage Enters TPO Market

Sun Prairie, Wis.-based Fairway Independent Mortgage Corp. plans to begin offering Federal Housing Administration (FHA) loan origination services and sponsoring mortgage brokers and other third parties that initiate FHA-insured mortgages for borrowers.

The announcement follows the company's recent moves into the wholesale lending and fulfillment services markets, as well as the recent decisions by several large lenders to abandon or limit their business through third-party originators (TPOs). Earlier this month, Bank of America announced its exit from the wholesale mortgage business.

‘Although the mortgage brokerage industry has gone through unprecedented changes, we strongly believe in brokers and smaller correspondents as an origination channel and are looking forward to filling the void being created by larger institutions,’ says Howard Hoyt, sales manager of Fairway Wholesale Lending, a division of the company.

SOURCE: Fairway Independent Mortgage

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