FAIRWAY INDEPENDENT MORTGAGE CORPORATION APPOINTS NEW PRESIDENT/COO

Dan Cutaia chosen to lead company in next phase of structured growth

Fairway Independent Mortgage Corporation, a mortgage broker/banker with over 100 branches nationwide, has appointed industry veteran Dan Cutaia as its new president and chief operations officer. Cutaia, who brings over 20 years of experience to his post, will focus on bolstering Fairway’s infrastructure and creating a foundation that supports the company’s initiatives for continued growth. Cutaia will work alongside Fairway founder Steve Jacobson. Jacobson, who was formerly president and chief executive officer, will retain his position as CEO as Cutaia takes his post as COO and president.

Cutaia spent the majority of his career in executive level positions with Waterfield Financial Corporation, and also founded Aucita Mortgage Capital, a firm specializing in the purchase of defective residential mortgage loans and industry consulting services. His knowledge spans the spectrum of mortgage lending, including retail, wholesale, origination, underwriting, servicing, secondary marketing and delivery.

“Dan had a strong career with Waterfield, a company that did about $14 billion per year between retail and wholesale,” states Jacobson. “He’s at a different level than most people in his position in this industry. He knows how to position a company for vigorous, yet controlled growth. We’re very fortunate to have him on board. We intend to utilize his expertise to the fullest in our next stages of growth and expansion.”

Despite a slowing economy, Fairway just completed its highest volume quarter since the company was founded in 1996. Fairway Independent has closed in excess of $1 billion annually for seven consecutive years, and grew its warehouse fundings from less than 20 percent of total loan production in 2005, to roughly 80 percent in 2007. The company plans to reach $5-10 billion in production within the next four years. “We have every intention to continue our growth,” adds Jacobson. “We’re transitioning from a large mortgage broker to a mid-size mortgage banker, and we’ll continue to expand from there. Having Dan as our new president and COO is a strong step toward our plans to move the company into the next level.”

“Fairway combines a strategic outlook along with aggressive goals,” says Cutaia. “I’m very pleased to be working with a group of talented and knowledgeable forward thinkers who understand that success in this business isn’t a matter of simply generating production at any cost. The key to success will be to build on Fairway’s trademark of doing the right thing for its people and its customers. I am honored to be utilizing my knowledge in this area to help build the infrastructure that keeps Fairway’s goals and mission a constructive reality in day-to-day operations.”

About Fairway Independent Mortgage Corporation

Headquartered in Sun Prairie, Wisconsin, Fairway Independent Mortgage Corporation is a full service mortgage banker providing a wide range of mortgage loan products, including prime, subprime and construction financing. Fairway is approved with over 300 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 among the Top Ten mortgage brokers 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.