#United States #Madison #Fairway Independent #eClosings #reverse mortgages

Fairway Independent Revolutionizes Reverse Mortgages with Hybrid eClosings

In a significant advancement in the reverse mortgage sector, Fairway Independent Mortgage Corporation has introduced hybrid eClosings exclusively tailored for Home Equity Conversion Mortgage (HECM) borrowers. This innovative move positions Fairway as a pioneer in the digital evolution of the mortgage industry, harnessing its extensive knowledge from forward mortgage eClosings to enhance the overall borrowing process.

A Modern Approach to Reverse Mortgages

By implementing hybrid eClosings, Fairway allows HECM borrowers to electronically sign the majority of their loan documents from the comfort of their homes, starting at midnight on the closing day. This crucial upgrade not only streamlines the procedure but also offers homeowners the flexibility to digest important paperwork without the pressure of a traditional closing environment.

The hybrid process, which respects necessary wet signatures in compliance with U.S. Department of Housing and Urban Development (HUD) regulations, blends the familiarity of traditional closings with the efficiency of modern technology. Borrowers will have the option to choose between the hybrid eClosing method or a conventional paper closing, catering to their specific comfort levels during the lending process.

Peter Sciandra, EVP of Reverse Lending Operations at Fairway, expressed excitement about this development, stating, "Fairway has led the way in digital mortgage closings since 2017, achieving over 200,000 eClosings for forward mortgages. We are now extending this same level of innovation to reverse mortgages, simplifying the process and bridging the gap between reverse and forward lending practices."

Embracing Technology for Older Homeowners

At the heart of this transformation is the misconception that reverse mortgage clients are not tech-savvy. Tom Evans, EVP of Marketing and Technology at Fairway, challenges this notion: "Older homeowners are increasingly embracing technology, and we are dedicated to ensuring they have access to the same digital advancements as traditional mortgage borrowers."

Loan officers and branch managers involved in the process are witnessing the favorable impact of hybrid eClosings on the older clients they serve. Christine Jensen, Branch Manager at Fairway, noted, "We've cut down on manual signatures by more than half, making the closing experience much simpler for our clients aged 62 and above. This development is revolutionary for us."

Setting a New Standard in the Industry

Fairway's launch of hybrid eClosings aims to reshape the reverse mortgage landscape, pushing the entire industry toward a digital transformation that not only benefits borrowers but also lenders. Sciandra emphasized the ambition behind the initiative: "Our goal extends beyond just advancing Fairway; we aspire to elevate the broader mortgage industry by collaborating with investors, title partners, and technology associates to foster a mortgage landscape accessible to all borrowers."

Expanding Product Offerings

In its commitment to innovation, Fairway is not stopping at reverse mortgages. The company is also integrating eClosings into a wide array of loan types, such as HELOCs, second liens, and bridge loans. Teri Pansing, SVP of Corporate Closing at Fairway, highlighted that nearly 90% of their closings now incorporate some form of digital element. "Our aim is to consistently provide a superior closing experience while leading the charge in the digital enhancement of the mortgage process," stated Pansing.

Furthermore, Dan Ventura, President of Reverse Lending at Fairway, affirmed the company's commitment to harmonizing innovative approaches with reliable service within the reverse mortgage sector. "As we broaden the horizons of digital mortgage solutions, we guarantee that seniors receive the same advancements reshaping the overall mortgage market, all while preserving the personal touch they deserve," Ventura remarked.

Fairway welcomes industry participants, including lenders and investors, to partner in realizing the potential of hybrid eClosings to inspire a modern, consumer-centric reverse mortgage experience.

About Fairway Independent Mortgage Corporation

Founded in Madison, WI, and Carrollton, TX, Fairway Independent Mortgage Corporation (NMLS #2289) operates as a full-service mortgage lender recognized in all 50 states. Holding the position of the second-largest retail lender in the U.S., Fairway continues to set benchmarks in the mortgage industry through outstanding service and innovation.