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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Underserved markets advocates also want to keep the 30-year mortgage and do more to expand rural and manufactured housing while preserving low cost homes.
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As fulfillment spills into sales operations and artificial intelligence takes over more originator duties, executives emphasize maintaining a human in the loop.
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New research from National Mortgage News finds that nonbank mortgage firms are leading the pack of tech adopters, outpacing many financial institutions.
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Market watchers expect the Federal Open Market Committee to announce a 25 basis point rate cut today, but are also watching for signals of more cuts to come and how many members push for a larger 50 basis point cut.
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The transaction combines independent mortgage companies which are based in Strongsville, Ohio (East Coast) and Folsom, California (West Coast).
September 16