FAIRWAY INDEPENDENT MORTGAGE POSTS HIGHEST VOLUME IN 12 YEAR HISTORY

Surge in refinancings fuels company’s growth

Fairway Independent Mortgage Corporation, one of the country’s leading mortgage broker/banker companies, reached its highest volume in company history this past February, despite the widely-perceived downturn in the mortgage business. Fairway’s loan volume rose 54 percent over its previous best month, to almost $214 million, according to Steve Jacobson, Fairway Independent Mortgage Corporation’s CEO. “That increase represents almost $100 million in additional business,” he said.

“Our growth has been positively affected by the recent lower mortgage rates which have produced a tremendous amount of interest in refinancing right now,” Jacobson explained. “Thanks to the efforts of our extraordinary team of employees, we have responded well to this surge in interest. Clearly, many consumers are racing to refinance their existing adjustable rate mortgages to fixed rates.

The announcement followed the release of the Mortgage Bankers Association’s weekly survey on mortgage applications, which noted that refinances had “spiked” upward by 82 percent over levels the previous week as a result of the Federal Reserve’s efforts to stabilize the mortgage-backed securities market.

“This does not signal the end of the national credit crisis for mortgages,” Jacobson said, “but it is a great step in the right direction.” According to the MBA survey, refinances increased from less than half of the total applications to 62 percent, and adjustable rate mortgages decreased from 7.9 to 3.8 percent. “We always advise borrowers to conduct an annual home loan review with their mortgage professional,” Jacobson said, “to determine the right time to consider refinancing and which type of mortgage will best suit their needs.” He emphasized that everyone’s situation is different and the type of mortgage that is best for a borrower who intends to be in the home for a long time is different from the loan that is optimal for someone who only plans on being in the home a few years.

About Fairway Independent Mortgage Corporation

Headquartered in Sun Prairie, Wisconsin, Fairway Independent Mortgage Corporation is a full-service mortgage broker/banker providing a wide range of mortgage loan products, including Conventional, FHA, VA and construction financing. Fairway is approved with over 200 top lenders and was founded upon the mission of providing the highest levels of customer service. With over 100 branches nationwide, the company recently ranked the sixth largest mortgage brokerage according to Broker magazine, and has consistently closed well over $1 billion in loans per year since 2001. For more information on Fairway Independent Mortgage Corporation, please visit www.FairwayIndependentMC.com or call (608) 837-4800.