""Fairway Independent Mortgage Corporation"":http://www.FairwayIndependentMC.com, a mortgage banker headquartered in Sun Prairie, Wisconsin, reported this week that it more than doubled its mortgage sales[IMAGE]in New England in 2009. Mortgage loan volume for the company's New England offices grew from $295 million in 2008 to $720 million in 2009 â€" a 244 percent increase.
Fairway says last year's business has propelled its status among mortgage lenders in the region. The company is now ranked 28th in mortgage loan volume in Massachusetts, up from 76th in 2008. The company called the movement ""an astonishing feat"" considering it opened its first Massachusetts branch in February 2006.
Although a large percentage of Fairway's business is concentrated in the Bay State, the lender has branches in New Hampshire, Maine, and Rhode Island and closes loans throughout New England.
[COLUMN_BREAK]Fairway Independent Mortgage CEO Steve Jacobson attributed the company's success to the experience and leadership of its six New England branch managers. ""We are incredibly proud of our growth during such a challenging time in our industry,"" he said.
Jacobson added, ""In a highly charged regulatory environment…it's back to selling mortgages like we did ten years ago, when everybody had to be extremely detailed. Our local branch managers are proof that it's possible to thrive in a challenging market if you're a strong leader, make service your highest priority, and monitor each transaction from beginning to end.""
Leading the charge in New England was the company's Needham, Massachusetts branch, which finished 2009 with $226 million in mortgages sold, followed by the Newburyport branch, with $198 million.
Amy Tierce, who manages the Fairway's Needham office, predicts the New England real estate market will strengthen and sales will increase in the coming year. ""Massachusetts has a tendency to lead the nation when it comes to real estate market trends,"" Tierce said. ""I think most of our areas have stabilized and we'll have a strong spring market.""
Nationwide, Fairway closed $3.3 billion in mortgage volume last year, a 70 percent increase from the prior year. The company has over 80 locations and more than 900 employees across the country.