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Originations Soar, Staff Expands at Fairway

Quarterly loan originations soared at Fairway Independent Mortgage Corp., while the payroll grew. Although the servicing portfolio retreated, it was up from a year previous.

When the first half of this year was over, the Madison, Wisconsin-based lender serviced 22,824 single-single family loans with an aggregate unpaid principal balance of $4.826 billion.

Fairway, which revealed the details as part of the Mortgage Daily Second Quarter 2018 Mortgage Origination Survey, said third-party servicing accounted for $4.811 billion of the total.

The home lender’s servicing portfolio declined from three months earlier, when it stood at 24,099 loans for $5.069 billion. But the portfolio expanded from 22,460 loans for $4.712 billion one year earlier.

During the three months ended
June 30 of this year, 32,643 loans were originated for $7.846 billion — soaring from 21,771 loans closed for $5.151 billion in the first quarter. Business was also better than  25,344 loans for $5.848 billion funded in the second-quarter 2017.

The second-quarter 2018 total consisted of
$7.430 billion in retail production, $0.330 billion in wholesale lending and $0.086 billion in correspondent acquisitions.

From Jan. 1, through mid-2018, Fairway originated 54,414 loans for $12.997 billion.

During the first-half of this year, Fairway’s production amounted to 54,414 loans for $12.997 billion.

An update on its website says year-to-date volume through Aug. 31 was $21.235 billion.

At 6,968 employees, there were more people on Fairway’s payroll than the 6,696 headcount as of March 31. Staffing has also expanded from 5,377 on the same date last year.

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