July 31, 2021

MP Now News

Mortgage News

Fairway turns 25 with employee milestone after surge in hires, loans

One of the best mortgage lenders in the country is celebrating its 25th anniversary with a milestone as demand fueled hiring.

Fairway Independent Mortgage Corporation now employs more than 10,000 people nationwide, including nearly 3,000 manufacturers in over 800 branches.

The milestone was announced after a stellar year for the company with a record $ 65.8 billion in loans funded in 2020 and a third place in purchase credit.

In mid-April 2021, mortgage locks increased 37% year over year, and year-to-date volume increased 86% year over year to $ 22.7 billion.

Fairway started out as a broker a quarter of a century ago but has evolved over time in response to market demands. Its exponential growth was triggered by a decision made over the past decade.

“In 2013, Fairway made the decision to really grow their business,” said Julie Fry, HR director. “We stepped on the accelerator this year and added about 70 new branches.”

At that time, the number of employees at the lender was around 10% of what it is today, as around 1,000 employees were hired every year. Over the past year, this mindset has increased and over the past year, 2,500 employees have been added.

Hiring strategy

“The hires last year were general and nationwide and included loan officers, corporate professionals and operations staff including insurers, processors and closers,” Fry added. “As we add more loan officers, we take into account the operational staff that will be needed to support sales so we can continue to provide great customer service and fast closing times to our borrowers.”

The lender is keen to have their team active in the community through volunteering. This includes optional participation in the company’s own charitable foundations Fairway Cares and American Warrior Initiative (AWI).

The company is partly privately owned to support its employees. During the pandemic, the company spent more than $ 16 million providing its team with exercise equipment they can use to stay fit while working from home.

The company, led by CEO Steve Jacobson, is the country’s largest privately held mortgage company offering equity to its employees in the form of employee stock option plans (ESOP).