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Business Picks Up at Fairway

Mortgage News

Fairway Independent Mortgage Corp. pushed quarterly originations higher and sees the strength continuing through the end of the year.

Third-quarter fundings at the Sun Prairie, Wis.-based company were $0.94 billion, according to data reported Monday.

During just September, production came in at $0.40 billion, with refinances representing half of the activity.

Quarterly business moved up form $0.78 billion closed during the second quarter.

But volume was down from the third-quarter 2010, when originations amounted to $1.3 billion.

Year-to-date through Sept. 30, loan production at Fairway totaled $2.3 billion.

Fairway Chief Executive Officer Steve Jacobson explained in the statement that the company “far exceeded our expectations.” While full-year production isn’t expected to match the $3.9 billion originated last year, Jacobson still expects “plenty of activity through the rest of 2011 due to the effect low interest rates are having on the refinancing side of our business.”

The lender said it added new offices this year in Alabama, Connecticut and North Carolina — bringing the number of company locations to 127.

In January, Fairway said it employed 1,030 people. Today’s announcement indicated that headcount has climbed to 1,102.

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