Fairway Independent Mortgage Corp. announced Wednesday it has acquired the assets of Hallmark Home Mortgage, a Fort Wayne, Indiana-based mortgage lender.
As part of the transaction, Hallmark will become a new division of Fairway and will operate under a revised brand: Hallmark Home Mortgage, powered by Fairway. Financial terms of the deal were not disclosed.
Hallmark’s CEO Deborah Sturges, a long-time acquaintance of Fairway’s founder, will join the full-service mortgage lender as its president.
Sturges and Fairway founder and CEO Steve Jacobson previously worked together at Waterfield Financial Corp. and maintained contact over the years, making “this partnership a natural fit,” a press release reads.
“Our shared vision will make us even stronger together,” Jacobson said in a statement Wednesday.
Sturges, on the other hand, noted the acquisition will benefit the midwestern-based shop by giving it access to operational support and better technology.
“This strategic decision brings Fairway’s expanded product portfolio, enhanced technology, and deep support resources into Hallmark’s orbit,” said Hallmark’s Sturges in a press release. “To reconnect with my former colleague Steve Jacobson is truly exciting. This partnership puts both companies in the best position to grow, innovate, and lead.”
Though the firm has actively recruited originators to grow its ranks, the firm has been quiet on the acquisition front, especially compared to its competitors.
According to one mortgage advisor, the move to purchase Hallmark may have been part of a strategy to give Fairway more footing in the Midwest without having to build out the infrastructure needed to grow market share.
Hallmark Home Mortgage, licensed in 20 states, sponsors 45 loan officers, per the Nationwide Multistate Licensing System. Wisconsin-based Fairway, on the other hand, is licensed in all 50 states and has a headcount of 2,474 sponsored originators.
In 2024, Fairway originated $24.51 billion in total volume, per its website.
