New leadership focuses on optimizing loan production
Fairway Independent Mortgage Corporation, headquartered in Wisconsin and Texas, has announced the promotion of Amy Slotnick (pictured) to the position of president of national branch optimization – sales. In this role, she will focus on enhancing loan manufacturing efficiencies across the company’s sales network while continuing to originate loans from her office in Newton, Massachusetts, a news release highlighted.
Slotnick, described as a mortgage veteran, with 42 years of industry experience, has been with Fairway for 18 years and previously served as senior vice president and regional manager. She was the company’s first loan officer to surpass $100 million in production and has led multiple pilot programs within the organization.
“I am truly excited to help the network as we continue to enhance Fairway’s offerings,” Slotnick said. “My role will be to help the sales network understand the value of new products, technologies and processes, all designed to create production opportunity with greater efficiency.”
In her new role, Slotnick will work alongside Joy Johnson, Fairway’s chief strategy officer. “I am very much looking forward to working side by side with Amy and tapping into her knowledge about both Fairway and the industry,” Johnson said.
Shifting mortgage market
Slotnick’s promotion comes at a time when the US mortgage market is adjusting to the impact of higher borrowing costs. According to a recent report by Statista, mortgage originations in the country have significantly declined since their peak in 2020 and 2021. This decrease has been primarily driven by a drop in refinance mortgage originations, which fell from $851 billion in the fourth quarter of 2020 to $86 billion in the first quarter of 2024.
Meanwhile, the value of mortgage loans used for home purchases has remained more stable, though still fluctuating. In the first quarter of 2024, purchase mortgage originations totaled $291 billion, down from a peak of $477 billion in early 2022. However, projections indicate a slight recovery in mortgage lending through the end of 2025.
Rising mortgage interest rates have played a key role in these market changes. While homebuyers could secure a 30-year fixed mortgage at rates below 3% in 2020, the average rate exceeded 7% in 2023. This increase has led to a decline in homebuyer sentiment, with many Americans expressing pessimism about purchasing a home in the current market.
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