BROOKINGS – Buying a home, whether for the first time or the third, is a big moment in a person's life. To help guide homebuyers through these often confusing or stressful processes comes Justin Froiland, a loan officer for Fairway Independent Mortgage Corporation.
Froiland opened for business the Brookings branch of Fairway on July 10 in downtown Brookings, at 412 Fifth St. A lifetime resident of Brookings, he was excited to bring this company to Brookings.
“There's nothing like Fairway in Brookings. We don't have any current mortgage companies here, and it brings in a new option for borrowers,” Froiland said. “One hundred percent of what we do is mortgage,” whether it's buying a new house, refinancing an existing house or reverse mortgages, for starters. “That's what we do, eat, breath and sleep.”
Froiland went to South Dakota State University, where he completed his major in consumer affairs with an emphasis in family financial planning. He worked for a couple years for insurance and investment company Northwestern Mutual Financial, and then he got into banking as a consumer lender and a home loan specialist.
These past work experiences play well to what he does at Fairway, which expands on those experiences.
“Going to work with Fairway, there's a lot wider variety of products that we can offer and flexibility within those products,” he said.
He's also undergone a lot of training to become fully immersed in the world of mortgages, as evidenced in online courses he took, passing a state-administered exam to get his state license, with further educational requirements to maintain his license.
“It was not an overnight type of deal” to get to the point where he could open his business, he said.
Fairway, which is a national company based in Madison, Wis., also has a Sioux Falls branch, which has been a valuable resource for Froiland as he establishes his Brookings location.
Fairway specializes in mortgages, meaning that they're able to offer deals that banks can't, he said.
“When you're looking at the banking setting, there are a lot of investor overlays, but we sell directly. We're a direct seller to Fannie (Mae), Freddie (Mac), Ginnie (Mae). What that means is there are less hoops for our borrowers to jump through because we sell our loans directly to those companies,” Froiland said.
There are three things in which Froiland takes pride in his work: communication, education and availability.
On the first point, communication, Froiland explained, “I'm a firm believer that in order to have smooth transactions, everybody involved in the process needs to be on the same page.”
This means always communicating with Realtors he's working with, the borrowers he sees, his processors, underwriters, and the like.
“Everybody that touches that file needs to be on the same page, so communication is very big to me,” he said.
The same is true of making sure that homebuyers are well educated on their options before they make their decision.
“I work with a lot of first-time homebuyers, and a lot of first time homebuyers don't know what they're doing when it comes to buying a house. Even repeat homebuyers … who maybe bought a house 10 years ago and just sold it. It's a very different process right now than it was 10 years ago,” he said.
The technology at Fairway's disposal is a great help in empowering borrowers to make the decision that's in their best interest, he added.
Fairway's Brookings website, www.brookingsmortgage.com, and its app provide resources so people can start the process before they even come in. The website offers useful articles on a variety of housing topics, such as if you are a first time homebuyer or if you are looking to downsize. There are loan calculators, and loan applications can even be filled out on the site.
“Technology is huge with Fairway. All you see nowadays is people on their phones. Now I’ve got the capabilities for someone that doesn’t even have a computer at home to fill out online applications. I can share my mobile app with them, and they can do everything from fill out their loan application to upload pictures of their tax returns and W2s and pay stubs and everything I need, to signing documents and initial disclosures,” Froiland said.
He also prides himself on his accessibility. He doesn't post office hours, but has his cell phone number printed on the front window of his downtown office so that anyone can reach him at any time. With today's hectic work schedules, this makes him much more accessible than he otherwise might be.
“I like to make myself very available to my borrowers. … I've got the option where if someone needs to meet at 8 at night because of their work schedule, I can meet them down here at 8 at night and do what we need to do,” he said.
Fairway Independent Mortgage is located just west of the Old Market Eatery, across from the post office. If Froiland isn't in the office, he encouraged people interested in setting up a time to meet to call him at 695-1429. He can also be reached via email at justin.froiland@fairwaymc.com.
Contact Eric Sandbulte at esandbulte@brookingsregister.com.
