Fairway Independent Mortgage Review 2020

NOTE: Due to the coronavirus outbreak, obtaining a mortgage may be a bit of a challenge. Lenders are dealing with demand and staffing issues. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.

Fairway Independent Mortgage Corp. offers borrowers a robust suite of loan products and customer service touch points to simplify the mortgage lending process.

From the usual stable of fixed-rate conventional loans and adjustable-rate mortgages to FHA, USDA, VA, renovation, reverse mortgage and jumbo loans, Fairway has something for nearly every type of borrower. Founded in 1996, Fairway has grown into a national independent brokerage network with more than 7,000 employees — including more than 3,000 loan officers — in over 500 branches. It is headquartered in Madison, Wisconsin, and Carrollton, Texas.

Here's how Fairway Independent Mortgage stacks up against other lenders:

Compare Fairway Mortgage with other lenders

Fairway Independent Mortgage loan products

If you’re looking for a fixed-rate loan, Fairway has several term options: 10, 15, 20, 25 or 30 years, depending on the loan type. Likewise, if you want an adjustable-rate mortgage, Fairway offers those, too, but doesn’t list its ARM terms online. Fairway didn't respond to multiple requests for an interview and information.

Fairway also offers a variety of government-backed loans, including FHA loans, USDA loans and VA loans.

One of Fairway's most notable offerings, however, is a renovation loan. With the HomeStyle Renovation Loan, you can combine the cost of remodeling and the mortgage loan amount into one loan, regardless of whether you're purchasing a home or refinancing your current mortgage. This helps you streamline your mortgage payment and the cost of home improvements by avoiding the need for two separate loans.

There's no minimum dollar amount you have to spend on repairs, and you can use the money for all types of remodeling projects. The upgrades must be “permanently affixed to the real property, add value to the property and be completed by a licensed contractor,” according to Fairway’s website. You can even use the renovation loan for energy-efficient upgrades — think solar panels — on your home.

Fairway Independent Mortgage process

Fairway Independent provides a variety of ways to apply. You can:

• Use the FairwayNow mobile app. Introduced in 2017, the app sets Fairway apart from many other lenders. With the app, borrowers can apply for a loan in under 10 minutes, securely scan and upload financial documents, find a local loan officer, calculate monthly mortgage payments and connect to home searching sites.

• Apply through the Fairway website. Fairway’s eight-step online application process is on par with that of other major mortgage lenders.

• Call or visit a branch for face-to-face service. The website features a map to find branches near you. You can also refine your search to find a branch that provides particular services; you can also view profiles of loan officers and email them directly.

In 2018, Fairway introduced a digital closing process, which allows buyers and sellers to preview and approve documents electronically before settlement. The company says the technology streamlines the closing process. Borrowers have a chance to review everything on their own time so they know what they’re signing, and the final closing can be completed in 15 minutes or less.

Fairway Independent Mortgage rates and fees

Fairway doesn't publish mortgage rates or disclose fees on its website.

Fairway Independent Mortgage customer service

Fairway was rated “among the best” lenders for customer satisfaction in the J.D. Power 2018 U.S. Primary Mortgage Origination Satisfaction Study. The lender scored 873 on a 1,000-point scale, ranking No. 2 among 21 major lenders. Fairway was 3 points behind Quicken Loans at No. 1. The study measures customer satisfaction in six areas: application and approval process, interaction, loan closing, loan offerings, onboarding and problem resolution.

If Fairway customers have problems or questions, they can contact the company through their loan officer, the FairwayNow mobile app, a customer service call center or an email form on the website. Customers can also check loan status and view messages from loan officers through a 24/7 online loan administration portal.