After the publication of this story, Fairway provided a corrected survey reflecting far greater originations than in the original report. A spokeswoman explained, “It turns out the person at Fairway who filled out the survey mistakenly included only June originations.” This story has been modified to reflect the corrected data.
In addition to growing the size of its servicing portfolio and expanding its human resources, Fairway Independent Mortgage Corp. saw quarterly loan originations soar.
At 22,460 loans with an aggregate unpaid principal balance of $4.712 billion as of mid-year, Fairway’s total mortgage servicing
portfolio had robust growth from the 20,146 loans serviced for $4.207 billion three months earlier.
The Sun Prairie, Wisconsin-based mortgage banking firm disclosed the details, along with other operational metrics, as part of the Mortgage Daily Second Quarter 2017 Mortgage Origination Survey.
Servicing has nearly doubled since June 30, 2016, when 12,330 loans were serviced for $2.664 billion.
The report indicated $4.699 billion of the latest total was third-party servicing.
Fairway originated 25,344 single-family loans for $5.848 billion from April 1, 2017, through June 30.
New business skyrocketed compared to 16,056 loans closed for $3.563 billion in the first quarter.
Production additionally improved from 20,635 mortgages funded for $4.650 billion during the second-quarter 2016.
During the entire first-half 2017, originations amounted to 41,400 loans for $9.411 billion.
Second-quarter 2017 volume consisted of $5.529 billion in retail
originations, $0.256 billion in wholesale lending and $0.063 billion in correspondent acquisitions.
Staffing finished the first half of this year at 5,377 employees.
Headcount climbed from 4,749 at the end of March 2017 and 3,692 as of mid-2017.
Fairway had the biggest increase in staffing of any home lender in the Mortgage Daily First Quarter 2017 Mortgage Employment Index: 437.
