Fairway Independent Mortgage Corporation is one of the largest mortgage lenders in the country and remains a consistent top-10 participant in the HECM program. The company was founded in 1996 by Steve Jacobson in Madison, Wisconsin, and today is licensed in all 50 states and the District of Columbia.

Although Fairway built its reputation in forward lending, its reverse mortgage division has grown steadily since 2007. That early commitment allowed Fairway to integrate reverse mortgages across its national branch network — an unusual move at the time — and it remains one of Fairway’s competitive strengths today.

2025 HECM Performance

Based on the latest HUD endorsement data, Fairway ranks sixth in the nation for 2025.

Fairway’s 2025 HECM Snapshot

• Rank: 6

• 2025 Volume: 777 loans

• 2024 Volume: 811 loans

• Year-Over-Year Change: –4%

• 2025 Market Share: 3.7%

• 2024 Market Share: 4.2%

• Market Share Change: –10%

• Top State: Washington

Despite a slight decline in volume compared to 2024, Fairway remains one of the most stable national lenders. Its consistency is notable in a market where volume can swing sharply from year to year.

Company Background and Growth

Fairway’s expansion through the early 2000s was rapid. Within five years of opening its doors, the company was closing over $1 billion in loans annually. By 2007, Fairway operated more than 100 branches across 40 states and had grown into a full mortgage banker.

That same year, Fairway created a dedicated reverse mortgage division. Leadership recognized that more homeowners were approaching retirement with higher expenses, limited savings, and a growing need for flexible home-equity options. Establishing a centralized division allowed Fairway to train loan officers consistently and deliver reverse mortgages with the same structure and compliance used in its forward operations.

According to company leadership at the time, the goal was to make obtaining a reverse mortgage just as streamlined and predictable as getting a traditional mortgage through any Fairway branch.

Handling Program Changes and Market Cycles

Like all lenders, Fairway felt the impact of FHA’s major HECM changes in 2017 and 2018 — including reduced principal limit factors and the introduction of collateral risk assessments. Those measures helped stabilize the HECM insurance fund but temporarily drove down volume across the industry.

While many lenders saw steep declines, Fairway showed resilience. Between 2018 and 2019, the company grew its market share and increased its total endorsements even as the broader industry contracted. Much of that growth stemmed from Fairway’s culture and training model: loan officers could present reverse mortgages alongside forward products, helping homeowners compare all options in one place.

Approach to Proprietary Reverse Mortgages

Fairway offers proprietary (jumbo) reverse mortgages, but they remain a smaller part of their product mix. Most of Fairway’s reverse business continues to come from the FHA-insured HECM program, which offers standardized protections, national availability, and consistent underwriting guidelines.

Leadership has hinted that proprietary products may grow in importance over time, but as of 2025 the HECM remains Fairway’s primary reverse mortgage offering.

Why Fairway Remains a Top National Lender

Several factors keep Fairway among the ten largest reverse mortgage lenders year after year:

• Nationwide licensing: All 50 states plus D.C.

• Large branch network: Thousands of loan officers familiar with both forward and reverse products

• Training and education: Reverse mortgage specialists support the entire branch network

• Borrower-first culture: Internal emphasis on “doing what’s right for the client”

• Demographic alignment: The company recognizes the growing need for home-equity solutions as older homeowners hold record amounts of equity

Fairway’s leadership has repeatedly emphasized that reverse mortgages are becoming increasingly important as older Americans look for ways to supplement retirement income, eliminate mortgage payments, and age in place.

2025 Summary

Fairway Independent Mortgage Corporation continues to be a major national participant in the reverse mortgage market. With its No. 6 ranking, wide national footprint, and longstanding training culture, Fairway remains a familiar and trusted name for homeowners exploring a HECM.