Top Originator spotlight: Finance of America Mortgage’s Devin Fahrner

MPA: How are you factoring rising rates into the way you do business?

DF: With rates poised to go up, I’m sticking with my tried-and-true mortgage lending principles: grow your knowledge base, diversify products, and put in the legwork to earn your success.

Part of growing the knowledge base involves using your expertise to get creative for your borrowers and devising new ways to arrive at a solution – for instance, customers who are trying to get refinances will need to find other avenues to reach their goals other than just “getting a cheaper rate,” so drawing on our product knowledge we might turn to a cash out refinance as a way to facilitate a viable opportunity for that borrower. Product diversification is also an area that many loan officers neglect, but as rates rise it really plays a crucial role. In this environment, we’re broadening out to a wider range of opportunities to grow business in several different lanes, including commercial products, reverse mortgages, and non-QM mortgages.

Of course, knowledge and diversification can only take you so far – you also need the work mindset to put in the long hours, learn the industry inside-and-out, and develop a well-rounded expertise that withstands economic shifts. If you don’t do that, you’re not going to be able to respond well to the changing rate environment or find success in this career path.

MPA: How do you set yourself apart from your competitors in the lending space?

DF: It really boils down to how you learn, work, and listen. I’m always endeavoring to become a better expert in this industry. I work hard, but I also work smart and am always seeking ways to innovate and think outside the box. Most importantly, I’m always listening to the customer. Even when you think you know all the answers, it’s crucial to stop, listen, and then reassess your assumptions. Even the best product isn’t going to be a perfect fit for every single customer’s situation, so I really focus on honing my expertise for each individual scenario and figuring out what really works in the best interest of each borrower. 

MPA: What is your favorite technological advancement in the lending space?

DF: One of the most exciting developments, in my mind, are the advances we’ve seen in product presentation software. There are several iterations of this, but basically these tools enable us as loan officers to visualize an entire mortgage scenario for a customer – tabulating and integrating relevant factors like interest rates, property appreciation, costs of taking action now vs. waiting, etc. – and map everything in a comprehensive, easy-to-understand way. That’s incredibly helpful in our profession as we work to give customers the bigger picture and help them decide what the best move is for them at this time.