Fairway Independent Mortgage Co., a mortgage broker/banker with over 100 branches nationwide, has announced a transition from operating as an FHA nonsupervised loan correspondent to a Department of Housing and Urban Development direct endorsement lender.Fairway said the transition enables it to originate and underwrite its own loans, and to increase its Federal Housing Administration originations and get more control of the underwriting process. Fairway had been operating as an FHA nonsupervised loan correspondent, and has been originating FHA loans since its inception in 1996, but until now did not have the power to underwrite these loans. Fairway said it has had a strong quality-control plan in place for the last several years. The company can be found on the Web at http://www.fairwayindependentmc.com.
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There's broad support for the effort to reduce costs and processes, but the Appraisal Institute warns about reducing property valuation quality control checks.
June 24 -
Foundation had introduced Version 3 of its credit risk model, using the most recent delinquency data, to improve loan performance predictions.
June 24 -
Fannie Mae's conservator is supporting the government-sponsored enterprise's test within certain boundaries, according to a recent social media post.
June 24 -
The Senate Banking Committee is slated to consider Christopher Phelen to be the chair of the Council of Economic Advisers on Thursday. Phelen has said in past academic papers that fractional reserve banking is "highly problematic."
June 24 -
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The bureau said the move is intended to remove potentially confusing language with an upcoming revision to the Equal Credit Opportunity Act.
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