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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The House passed housing legislation that includes a slightly pared-down institutional investor housing ban, as well as a raft of community bank measures.
7h ago -
Delinquencies among recent FHA originations are showing up alongside a notable volume of subordinate liens carried by the borrowers.
7h ago -
The share of sellers dropping their asking price fell in April as buyer demand picked up, though Sun Belt markets — especially in Texas — still saw widespread price cuts.
9h ago -
The real estate investment trust, while reporting a first quarter net loss, benefitted from growth and stable margins in its three mortgage production units.
9h ago -
The co-author of the landmark Dodd-Frank Act and progressive congressional trailblazer Rep. Barney Frank, D-Mass., has died.
9h ago -
The newest version of the House housing bill would make a ban on institutional investors owning some homes less harsh than the Senate version by removing a seven year mandate on selling build-to-rent homes.
May 19









