Fairway Independent Mortgage Corp. in Madison, Wis., has launched an employee stock ownership plan.
The move has been years in the making, according to Chief Executive Steve Jacobson.
"This has been a goal of ours for many years," Jacobson said in a news release Wednesday. "We are humbled and grateful to have this opportunity."
Research "shows that corporations that are employee-owned are often more successful over the long term and are able to grow more rapidly as a result," said Len Krupinski, the company's chief operating officer, in the release. The change should also improve employees' retirement portfolio.
The company is not publicly traded.
Jacobson founded Fairway in 1996 with Randy Cross. The company, which is also headquartered in Carrollton, Texas, has more than 250 locations and 3,800 employees across the country.
