Rookie uses his experience as an attorney to break down a mortgage into layman's terms
Daniel Farr (pictured) switched career paths two and a half years ago. Before he got into the mortgage world, Farr worked as an attorney for six years. Even though they’re very different fields, Farr – who is now a loan officer at AmeriSave Mortgage – finds that they have many similarities.
“Most clients in both areas know very little about the process and need someone they can trust to provide expertise. As a professional, you are your client’s first resource and need to provide proper guidance to achieve their goals,” he said.
In this interview, Farr talked about the ups and downs of his budding mortgage career and how his background in law helped him navigate the tough times.
MPA: Can you give me an idea of how, when, and why you got started in the mortgage business?
Daniel Farr: I started in the mortgage business about two and a half years ago. I have a close friend who has been a loan officer since we graduated from college, and he encouraged me to give it a chance. Since interest rates were just starting to go down and business was booming, it allowed me to gain experience very quickly.
MPA: What is the most memorable deal you’ve ever done?
DF: At the end of 2021, I worked with a veteran whose wife had recently passed away. His income had decreased, and he had taken on an unmanageable amount of debt due to his wife’s passing and COVID. He originally contacted us to see if we could reduce only his mortgage payment, but after talking about his debt-to-income ratio and what money he had left at the end of the month, paying off all his bills was a no-brainer. We were able to close in less than two weeks. Hearing the relief in his voice after having gone through so much was the most rewarding moment of my mortgage career.
Read next: Mortgage veteran - From humble beginnings to speeding up the lending process
MPA: What do you see as some of the watershed moments - the highlights and the low lights - when looking at your mortgage career?
DF: A mortgage career highlight would be originating 90 loans in the month of September 2019. Every person I talked to could benefit from refinancing at that time, and everyone in the country was talking about it. A career-low would be the month following. Luckily, I am extremely organized from my background in law, and I take a lot of pride in responding to clients right away, but with 100+ loans in process at one time, I had bitten off more than I could chew. It was a lesson for me in prioritizing my day and becoming more efficient with my time.
MPA: How do you set yourself apart from your competitors in the lending space?
DF: Most people view mortgages as an intimidating topic due to their lack of understanding. I am the best at breaking down a mortgage into layman’s terms so people feel confident in their options and know they’re making the best choice for their family. Unlike other lenders, I have complete control over the client’s experience with AmeriSave and can tell every client where they’re at in the process, oftentimes without even looking at a file.
MPA: Can you share something about yourself that you’re working on improving and how you think your business will be better/more productive/run more smoothly once you’ve accomplished your goal.
DF: Time management is always a work in progress. I’m constantly working to improve my ability to accomplish more in less time.
MPA: What is your market outlook for the mortgage space this year?
DF: It’s going to be tough. The industry is going through a lot of changes right now, and everyone has to adapt quickly.
Read more: Housing market continues to soften
MPA: What advice would you have for any originator who is either starting in the business or has been in the industry for a long time and is having difficulty boosting their production?
DF: Have a short-term memory. One bad day doesn’t ruin your week, one bad week doesn’t ruin your month, and one bad month doesn’t ruin your year. But, one good day can make your week, one good week can make your month, and one good month can make your year.
