Fairway Independent Mortgage’s CEO refuted claims that there are plans to sell the company to CrossCountry Mortgage.
“We, like many others; are focused (all we can control is our focus) on finishing 2023 with positive momentum going into 2024,” Steve Jacobson, founder of the company wrote in a LinkedIn post Saturday. “We are not selling and giving up what we have worked 27-plus years to build.”
Jacobson’s statement comes after nine anonymous sources came forward in a HousingWire article purporting that Fairway has been in ongoing talks to merge with CrossCountry. One of the alleged sources was a “top former executive” at the mortgage shop.
Fairway’s founder called the allegations “noise” and said he welcomed it, noting there’s “nothing wrong with a little heat.”
“We are certainly not perfect. We have never said we are but we all start at zero each day and press forward…..knowing each day in our industry is a new opportunity to earn trust and respect,” he wrote.
CrossCountry Mortgage declined to comment.
Industry veteran Dave Stevens, came forward in defense of Fairway.
“Who is the “former executive” who made up rumors about CCM – Fairway that is totally non-existent?” questioned Stevens in a LinkedIn post Sunday. “Why would someone harm a company with such great employees? This stuff is mean and harmful – and filled with lies. Just wondering who is behind this behavior?”
Jacobson also added his two cents in the comment section of the post reiterating that “we are not selling, we are not merging.”
“CEOs do communicate with CEOs, no mystery or story there,” he wrote. “I would prefer to focus on what we can all control… helping and serving others, which is most likely why we all got into this incredible business in the first place.”
Based on production numbers, Fairway and CrossCountry ranked seventh and eighth place in 2022, respectively, according to Scotsman Guide.
Fairway originated a total volume of $42 billion last year, while CrossCountry did $38 billion in volume, per the publication. If the two companies were to merge in the future, it would propel CrossCountry into being part of the top-five mortgage lenders in the nation.
Fairway is a full-service mortgage lender, with both a retail and wholesale operation. It is licensed to operate in all 50 states. CrossCountry, founded in 2003, is also a full-service mortgage lender and is licensed to operate nationwide. It does not have a wholesale business.
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