Snapdocs and Fairway Independent Mortgage Corporation recently completed the largest eNote migration in mortgage history.
The migration was done as part of Fairway’s integration of Snapdocs’ eVault. Fairway is a leader in eClosing and operates hundreds of branches across the U.S.
The company has eClosed more than 100,000 transactions in the last five years and leads in delivery volume to Fannie Mae and Freddie Mac, alongside MERS registrations.
Teri Pansing, SVP of Corporate Closing for Fairway, said Snapdocs stood out for its ability to deliver a seamless digital closing experience for borrowers.
“The branches know their customers and their circumstances best. We want them to have trust in the process, the platform, and the support to know that eClose is…
Joy Knoch has been promoted to Chief Strategy Officer at Fairway Independent Mortgage Corp., the company announced.
In this newly created role, Knoch will oversee origination and processing, training, and lending tech systems.
“Our goal is to use systems to streamline our loan manufacturing process and improve the loan experience for borrowers, loan officers, and realtors,” Knoch said. “We’ll do this by gathering input from producing L.O.s, operations managers, and our corporate team to create a more efficient roadmap.”
Knoch brings nearly three decades of mortgage industry experience to the position, having worked at Fairway since 2011 where she most recently served as senior vice president of loan processing and branch support. Prior to that role, she was the company’s…
Earnings for the third quarter of 2023 are out offering a view into how lenders did. Here’s a snapshot of how some of the nation’s top lenders handled this summer.
Rocket Mortgage
Rocket reported solid earnings with a net revenue boost of 12.8% YOY, though profits remained effectively flat from Q2 at $1.2 billion. Originations totaled $22.2 billion, down 13.2% YOY and also basically the same from last quarter, no big surprise given current market conditions. Its gain on sales margin rose for a third straight quarter, up 2.76%.
“I am very proud of our team for delivering strong results against a challenging economic backdrop,” said Varun Krishna, CEO of Rocket Companies. “In today’s climate, innovation is essential. With the…
By KIMBERLEY HAAS The housing market traditionally cools during the holiday season as people focus on family and friends but industry leaders say it is a good time for potential sellers and buyers to weigh their options. After mortgage rates recently surged above 7%, real estate activity and consumer sentiment took a nosedive. Home delistings hit a record high in November as sellers and buyers pulled out of the market, according to journalists Lily Katz and Ben Walzer at Redfin. Markets where home prices skyrocketed during the pandemic are now cooling the fastest. In Sacramento, Calif., an average of 3.6% of active listings were delisted per week during the 12 weeks ending on November 27, up 1.6 percentage points from one year earlier.…
Fairway Independent Mortgage is rolling out a new program for first-time homebuyers in select communities, the company announced in a press release. The program, called Fairway Community Access, will offer qualifying first-timers up to $7,000 towards the down payment and $500 in the form of an appraisal credit, should appraisal be necessary. Borrowers who plan to purchase a home warranty will also receive a credit toward one year of warranty. Buyers in Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia will be eligible for the program. They must currently reside in the designated community, have no ownership interest in any other property, and the home must be their primary residence. Fairway says FCA is designed to help buyers combat high-interest rates…
By DARIA BACHMANN United Wholesale Mortgage is facing more public scrutiny as court battles — and backlash from brokers — mount. The second-largest mortgage lender in the nation, UWM has come under criticism over how it treats both its employees and its customers. UWM announced in April it would force brokers to sign an agreement that they will not work with Rocket Mortgage or Fairway Independent Mortgage – or else be banned from work with UWM, the largest wholesale mortgage lender. Mortgage industry leaders called the ban “unethical and uncompetitive.” Bob Broeksmit, head of the Mortgage Bankers Association, said at the time, “MBA does not condone activities designed to thwart competition in the mortgage market and limit loan options available to borrowers.” UWM,…
