Just weeks after going into the third party originations channel, Fairway Independent Mortgage Corp., Sun Prairie, Wis., is now providing outsourced mortgage services to other lenders, banks and credit unions.
Besides the wholesale (being marketed as Fairway Traditional) and correspondent businesses, the other businesses the company is now offering are branded as Fairway Advantage and Fairway Direct.
Through Fairway Advantage, the originator provides minimal documentation, such as loan applications, credit and income documentation and rate quotes. Fairway does processing and underwriting as well as reviewing the title documents and preparing the closing packages.
The Fairway Direct program is a step up, explained Howard Hoyt, division sales manager, wholesale lending. Those companies participating at this level have the ability to produce the initial disclosures to the consumer, but for whatever reason, including reducing overhead and/or staffing issues, look to outsource the rest of the process.
This includes the steps from underwriting all the way through closing.
Hoyt explained that when Fairway started the TPO channel, it began to notice as the overall mortgage business began to contract, originators of all sorts, no matter what size, were looking to outsource functions to save money. So it decided there was a benefit to offering what it now calls the Advantage and the Direct solutions.
All four are being marketed together as a suite of fulfillment services.
