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Wednesday, February 21, 2024

Fairway makes new reverse mortgage investments, rejoins NRMLA

Fairway Independent Mortgage Corporation ↗ announced on Tuesday a series of reverse mortgage maneuvers designed to increase the company’s investment in the space.

The first initiative is the decision to rejoin the National Reverse Mortgage Lenders Association ↗ (NRMLA), which the company left at the end of 2021 ↗ under previous reverse division leadership.

“Fairway is renewing its membership with NRMLA, a move that symbolizes its dedication to staying at the forefront of reverse mortgage best practices and regulatory standards,” the announcement said. “This partnership underscores Fairway’s commitment to the highest levels of professionalism and ethics in serving senior homeowners.”

The division’s leadership team will now also include Dan Ventura, who has served at Fairway since 2007 and last year was appointed ↗ as VP of reverse mortgage operations. Ventura’s new position is as president of reverse lending, where he succeeds former reverse lending president Tane Cabe.

“Ventura, a seasoned veteran in the mortgage industry and within Fairway, is tasked with steering the reverse division towards unprecedented growth and operational excellence,” the company said of Ventura’s appointment. “His expanded role is pivotal to Fairway’s strategic direction and success in the reverse mortgage space.”

Expanding H4P focus

The company is also taking a strategic look at expanding its business in the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) area, a severely under-utilized ↗ variation of the traditional Federal Housing Administration ↗ (FHA)-sponsored HECM that allows borrowers to purchase a new home using a reverse mortgage.

“This initiative reflects Fairway’s commitment to leveraging its award-winning service and extensive experience in the purchase market to meet the unique needs of retirees looking to buy homes, setting a new benchmark for excellence and innovation in the reverse mortgage sector,” Fairway said of the move.

Recent policy changes by FHA may make H4P business more attractive for lenders, including the addition of a seller credit ↗ announced in October at the same time a reverse mortgage industry conference was taking place. Event attendees cheered upon hearing news of the credit.

To ‘lead by example’

“These strategic investments reflect our deep commitment to the future of our reverse mortgage business,” said Steve Jacobsen, CEO of Fairway. “We are not just participating in the market; we are leading it by example through innovation, leadership, and a firm dedication to our customers.”

Ultimately, Fairway hopes to impact the standards of the reverse mortgage industry with these moves, the company said.

“Through rejoining NRMLA, embracing Dan Ventura’s leadership, and targeting the HECM for Purchase market, Fairway is setting a new course for success and customer satisfaction in the reverse mortgage space,” the company said.

RMD reached out to NRMLA for comment on Fairway rejoining the association, but did not hear back prior to the publication of this story.

James Mackreides
James Mackreides
'Mac' is a short tempered former helicopter pilot , now a writer based in Sofia, Bulgaria. Loves dogs, the outdoors and staying far away from the ocean.

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