Fairway Funding Group Mortgage Rates, Fees & Info

Sarasota, FL

LEI: 549300S19BPWGHQOYU13

Tax ID: 65-1038507

3.6 stars - out of 5 stars, based on 30 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Fairway Funding Group is a smaller mortgage company specializing in Home Purchase and Refi loans. Fairway Funding Group has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: North Port, Miami, Tampa, Cape Coral, and Punta Gorda among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Fairway Funding Group has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Fairway Funding Group is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.62% 10/3/22
    30 Year Conventional Refi 6.39% 10/3/22
    30 Year Cash-out Refi 6.57% 10/3/22
    30 Year FHA Purchase 7.24% 10/3/22
    30 Year FHA Refi 7.08% 10/3/22
    30 Year VA Purchase 6.27% 10/3/22
    30 Year VA Refi 5.78% 10/3/22
    30 Year USDA Purchase 7.09% 10/3/22
    15 Year Conventional Purchase 6.13% 10/3/22
    15 Year Conventional Refi 6.05% 10/3/22
    15 Year Cash-out Refi 6.05% 10/3/22
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    Originations

    873

    Origination Dollar Volume (All Markets)

    $298,185,000

    Awards

    FAIRWAY FUNDING GROUP  FHA Loans silver FAIRWAY FUNDING GROUP  FHA Loans bronze
    Show all (2) awards

    Relative Rate

    Fairway Funding Group 's average 30 year fixed mortgage rate was 3.12%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.03%.

    Relative Fees (Closing Costs)

    Fairway Funding Group 's average total fees/closing costs for a 30 year fixed rate mortgage were $6,204.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 586 $202,880,000 $346,212 $6,072 3.06%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 88 $32,680,000 $371,364 $5,587 3.04%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 63 $20,955,000 $332,619 $6,628 3.09%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 37 $12,455,000 $336,622 $6,566 3.37%
    PUNTA GORDA, FL (FHA|USDA|VA) 25 $6,045,000 $241,800 $5,998 3.29%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 14 $5,990,000 $427,857 $6,504 3.06%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 11 $3,335,000 $303,182 $4,762 2.95%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 7 $2,425,000 $346,429 $6,093 2.87%
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 2 $1,520,000 $760,000 $5,839 2.94%
    Arcadia, FL (FHA|USDA|VA) 6 $1,210,000 $201,667 $6,176 3.02%
    JACKSONVILLE, FL (FHA|USDA|VA) 4 $1,210,000 $302,500 $8,844 3.16%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 4 $1,100,000 $275,000 $6,094 2.94%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 5 $995,000 $199,000 $3,899 3.07%
    OCALA, FL (FHA|USDA|VA) 3 $735,000 $245,000 $4,884 3.33%
    Key West, FL (FHA|USDA|VA) 1 $605,000 $605,000 $4,090 3.00%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $540,000 $270,000 $4,859 4.00%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $525,000 $525,000 $7,038 3.00%
    SEBRING-AVON PARK, FL (FHA|USDA|VA) 2 $370,000 $185,000 $5,088 3.25%
    GAINESVILLE, FL (FHA|USDA|VA) 1 $365,000 $365,000 $4,462 2.88%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $355,000 $355,000 $4,963 3.00%
    Outside of Metro Areas 2 $320,000 $160,000 $2,771 5.52%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $320,000 $160,000 $4,570 2.88%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,961 2.99%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $235,000 $235,000 $3,448 2.25%
    MORRISTOWN, TN (FHA|USDA|VA) 1 $225,000 $225,000 $8,043 3.00%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $215,000 $215,000 $4,106 2.25%
    Wauchula, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,263 2.99%
    McMinnville, TN (FHA|USDA|VA) 1 $105,000 $105,000 $4,054 3.13%

    Fairway Funding Group 's top markets include North Port, Miami, Tampa, Cape Coral, and Punta Gorda among others.

    Similar Lenders

    We use machine learning to identify the top lenders compared against FAIRWAY FUNDING GROUP based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 760 $260,870,000 $343,250 $5,446 3.14%
    VA 56 $22,000,000 $392,857 $10,343 2.58%
    FHA 55 $14,965,000 $272,091 $9,707 2.82%
    USDA 2 $350,000 $175,000 $5,832 3.19%

    For 2021, Fairway Funding Group 's most frequently originated type of loan was Conventional, with 760 originations. Their 2nd most popular type was VA, with 56 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 500 $175,140,000 $350,280 $6,944 3.17%
    Refi 222 $74,790,000 $336,892 $4,185 2.85%
    Cash Out Refi 151 $48,255,000 $319,570 $5,559 3.12%

    For 2021, Fairway Funding Group 's most frequently cited loan purpose was Home Purchase, with 500 originations. The 2nd most popular reason was Refi, with 222 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 791 $271,835,000 $343,660 $6,204 3.12%
    15 Year 54 $17,520,000 $324,444 $4,388 2.47%
    20 Year 16 $4,870,000 $304,375 $4,168 2.80%
    Other 8 $2,760,000 $345,000 $3,414 2.72%
    10 Year 2 $850,000 $425,000 $4,051 1.94%
    5 Year 2 $350,000 $175,000 $7,699 8.39%

    For 2021, Fairway Funding Group 's most frequently cited loan duration was 30 Year, with 791 originations. The 2nd most popular length was 15 Year, with 54 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 386 $119,640,000 $309,948
    $1k-2k 274 $95,120,000 $347,153
    $5k+ 44 $22,050,000 $501,136
    $<1k 42 $14,700,000 $350,000
    $3k-4k 32 $8,730,000 $272,813
    $4k-5k 23 $9,625,000 $418,478

    Fairway Funding Group 's average total fees were $6,204, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 386 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 416 $139,560,000 $335,481
    3-4% 336 $116,530,000 $346,815
    <2.5% 86 $30,780,000 $357,907
    4-5% 23 $7,125,000 $309,783
    5-6% 8 $3,340,000 $417,500
    6-7% 2 $500,000 $250,000
    7-8% 1 $55,000 $55,000
    Over 8% 1 $295,000 $295,000

    During 2021, Fairway Funding Group 's average interest rate for loans was 3.12%, while their most frequently originated rate bucket for loans was 2.5-3%, with 416 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 485 $141,115,000 $290,959 $5,662 3.04%
    $400k-600k 198 $96,610,000 $487,929 $6,732 3.01%
    $100k-200k 142 $22,730,000 $160,070 $4,936 3.22%
    $600k-1MM 31 $22,695,000 $732,097 $9,424 3.38%
    $1MM+ 11 $14,545,000 $1,322,273 $16,102 3.14%
    $100,000 or less 6 $490,000 $81,667 $4,013 4.05%

    2021 saw Fairway Funding Group place emphasis on $200k-400k loans with 485 originations, totaling $141,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 204 $68,330,000 $334,951 $5,763 3.02%
    $50k-75k 182 $43,600,000 $239,560 $5,707 3.09%
    $150k-250k 169 $69,795,000 $412,988 $6,501 3.14%
    $75k-100k 129 $38,095,000 $295,310 $5,897 3.09%
    $250k+ 103 $56,895,000 $552,379 $7,212 3.16%
    $50k or less 86 $21,470,000 $249,651 $5,312 3.03%

    Fairway Funding Group lent most frequently to those with incomes in the $100k-150k range, with 204 originations. The second most popular income band? $50k-75k, with 182 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 175 $59,005,000 $337,171 $5,962 3.07%
    30-36% 169 $61,415,000 $363,402 $5,972 3.07%
    <20% 108 $38,690,000 $358,241 $5,365 3.09%
    42% 37 $12,465,000 $336,892 $5,217 3.11%
    41% 37 $12,135,000 $327,973 $5,863 3.21%
    50-60% 35 $12,465,000 $356,143 $9,800 3.26%
    44% 34 $9,930,000 $292,059 $4,935 3.10%
    37% 33 $11,685,000 $354,091 $6,894 3.01%
    39% 31 $11,065,000 $356,935 $5,881 3.14%
    43% 30 $9,760,000 $325,333 $5,091 3.01%
    38% 27 $9,515,000 $352,407 $5,079 3.15%
    40% 27 $8,625,000 $319,444 $6,247 2.98%
    36% 25 $7,715,000 $308,600 $6,106 3.08%
    49% 24 $7,140,000 $297,500 $7,401 3.04%
    46% 22 $6,670,000 $303,182 $6,346 3.23%
    45% 22 $8,150,000 $370,455 $5,410 3.04%
    47% 20 $6,460,000 $323,000 $6,295 2.93%
    48% 13 $4,275,000 $328,846 $8,628 3.04%
    >60% 4 $1,020,000 $255,000 $5,922 2.84%

    Fairway Funding Group lent most frequently to those with DTI ratios of 20-30%, with 175 originations. The next most common DTI ratio? 30-36%, with 169 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 800 $273,100,000 $341,375 $5,927 3.06%
    Not provided 31 $10,895,000 $351,452 $7,412 3.56%
    Black 23 $7,765,000 $337,609 $7,287 3.03%
    Asian 14 $4,890,000 $349,286 $6,372 2.94%
    American Indian 2 $860,000 $430,000 $10,822 4.00%
    Native Hawaiian or Islander 3 $675,000 $225,000 $6,210 3.88%

    Approval Rates

    Total approvals of all applications
    98.30%

    Fairway Funding Group has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    94.04%

    Fairway Funding Group has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 873 $298,185,000 $341,564

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    873 $298,185,000 $341,564

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $8,525,000 $275,000 $4,176 3.13%
    40-60% 131 $44,235,000 $337,672 $5,024 2.93%
    60-80% 379 $134,725,000 $355,475 $5,472 3.10%
    80-100% 322 $105,910,000 $328,913 $6,829 3.13%
    Over 100% 8 $4,430,000 $553,750 $23,813 2.86%
    Under 20% 2 $360,000 $180,000 $3,923 3.00%