Fairway Independent Mortgage Corporation 203(k) loan review

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Last updated May 25, 2020

High customer satisfaction
Digital, including mobile, application process
Digital closing service for faster closing

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We are not affiliated with or endorsed by Fairway Independent Mortgage Corporation. We are an independent review site.

Licensing

State Availability

AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC

NMLS#

2289

Requirements

Minimum credit score

580

Minimum down payment

3.5%

Customer ratings

BBB rating

A+

Zillow rating

4.97

J.D. Power ranking

Better than most

About Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation (Fairway) is a 24-year-old mortgage provider. Fairway offers various types of mortgages, including refinance loans, adjustable rate mortgages, fixed rate mortgages, FHA loans (including 203(k) loans), jumbo loans, USDA loans, VA loans, and reverse mortgages. According to Fairway, it has funded more than $129 billion in loans since its founding.

Fairway 203(k) loans endorsed by the FHA

As part of the final approval for a 203(k) loan, the FHA has to “endorse” each loan application. In 2020 so far (between January to April) the FHA has endorsed 175 203(k) loans applied through Fairway. This is the 5th highest number of 203(k) loan endorsements for a lender in 2020. In 2019, the FHA endorsed 80 203(k) loans applied through Fairway and 48 203(k) loans in 2018.

What makes Fairway different from other lenders?

High customer satisfaction

Fairway ranked 2nd for customer satisfaction on the J.D. Power 2019 U.S. Primary Mortgage Origination Satisfaction Study. JD Power is a consumer data company that surveys customers and their experience with different financial companies, including mortgage companies. Mortgage lenders are surveyed in the U.S. Primary Mortgage Origination Satisfaction Study every year.

Digital, including mobile, application process

Fairway allows you to apply for its mortgages online through its website or mobile app. The app is called FairwayNow and is available for both Android and iPhone users. Both the Android and iPhone apps have nearly perfect app store ratings. The Android app is rated 4.3 and the iPhone app is rated 4.8. According to Fairway, through the app, you can apply for a loan in 10 minutes, track your loan progress with real-time push notifications, and securely scan and upload documents with your phone’s camera.

Digital closing process

Fairway has a service called Fairway Express Close that allows buyers and sellers to securely preview and approve documents electronically before the final closing meeting. This saves time during the closing meeting and allows all parties to review detailed documents during their own time. This could take pressure off reviewing them during a meeting. According to Fairway, this service has allowed the closing time to be as short as 15 minutes.

Available in all 50 states

Mortgage lenders are required to be licensed in the state that they intend to provide mortgages. Fairway is licensed to lend in every state. Not every lender is qualified to do so.

400+ locations nationwide

While you may apply for a Fairway mortgage without having to visit a physical location, Fairway has over 400 locations nationwide if you prefer in-person interactions.