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Fairway Independent Mortgage is investing what it calls “unprecedented resources” into its reverse mortgage business at a time of massive disruption in the industry.
The company ended 2022 as the nation’s seventh-largest originator of Federal Housing Administration home equity convertible mortgages, with 2,747 endorsements, according to Reverse Market Insights. This is up from 1,688 in 2021.
But by far the largest HECM founder, the American Advisor Group, agreed to obtain According to Finance of America, December’s fourth most active index. Just a few weeks ago, Reverse Mortgage Finance went out of business, but ultimately finished the year as the fifth largest lender. filed for bankruptcy. AAG also laid off employees, as did No. 8. Open a mortgage.
“By removing the silos from our business and leading off the street, we’ve become the nation’s third largest purchase lender and were able to close over $42 billion last year in a difficult market. It’s flipping a pragmatic approach in a big way,” Chief Operating Officer Len Krupinski said in a press release.
As part of the change, Fairway will decentralize its reverse mortgage operations, moving away from the “strongly centralized” model it used previously.
Another step is the creation of a Reverse Advisory Council comprised of top leaders from Fairway’s sales, operations and support teams.
The company has pledged that its branches will strengthen localized support services for these loans.
“We are poised to offer a new level of reverse service to help both loan officers and senior homeowners,” said Mike Daryanani, Director of National Sales Support. “The changes we are implementing are meant to make the Reverse Baller experience faster and easier.”
Fairway declined to provide additional details regarding changes to its reverse mortgage program.
Fairway’s HECM production is all retail and is the third largest originator in this channel. According to RMI data, the company is also the primary originator of his HECM for purchase mortgages.
“Combining seasoned reverse mortgage professionals with Fairway’s leading retail platform has always been the path to mainstreaming reverse mortgages. We aim to not only be the No. 1 in the industry, but also bring reverse mortgages to a whole new audience.”
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