Is Fairway Funding Group Inc An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Fairway Funding Group Inc with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (+0.04%)
Loan Related Closing Costs: higher than average (+$860)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, Fairway Funding Group Inc originated 565 mortgages, a national market share of 0.0%. It was primarily active in FL, with a 0.1% market share.

On average, Fairway Funding Group Inc’s interest rates were similar to those of comparable mortgages at other lenders (+0.04%).1The comparable mortgages control for Fairway Funding Group Inc’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $6269, which was higher than those of comparable mortgages at $5409, with a difference of +$860. Overall, we estimate that Fairway Funding Group Inc tends to be an expensive lender, with a cost-adjusted-rate difference of +0.11% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Fairway Funding Group Inc.

Fairway Funding Group Inc originated Conforming and FHA mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from Fairway Funding Group Inc compared to other lenders

Conforming FHA
Interest Rate Difference +0.05% -0.06%
Loan related Closing Cost Difference +$931 +$826
Cost Adjusted Rate Difference +0.13% +0.00%

Based on the table above, Fairway Funding Group Inc is similar to other lenders for FHA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages.

Mortgage Refinancing from Fairway Funding Group Inc compared to other lenders

Conforming
Interest Rate Difference +0.21%
Loan Related Closing Cost Difference +$503
Cost Adjusted Rate Difference +0.27%

Based on the table above, Fairway Funding Group Inc is more expensive than other lenders for Conforming mortgage refinance.

Other information about Fairway Funding Group Inc:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Lakewood Ranch, FL, 34202

Footnotes   [ + ]

1. The comparable mortgages control for Fairway Funding Group Inc’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.

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