Mortgage banker Fairway Independent Mortgage Corp. is entering the wholesale market for the first time with select banks, credit unions and brokers.
The retail lender will build a national wholesale platform by leveraging its experience in FHA, agency and USDA lending. By creating a wholesale channel, the company will be able to fund third-party origination business through several business lines including fulfillment, broker and correspondent.
The move comes after a year in which loan originations surpassed $3.4 billion in loan volume in 2009. Fairway's wholesale team is made up of mortgage professionals that made up the third-party origination sales and operations teams of Union Federal Bank and MidAmerica Bank.
"As the mortgage industry continues to rebound, we see a fantastic opportunity for us in the wholesale market," said CEO Steve Jacobson.
