Arizona broker brings his friends over to his firm

The die was cast. By August 2021, he launched NewMortgage LLC in Tempe, Ariz. Today, the company employs around 45 people, he said. So far this year, posted volume is between $50 million and $60 million across 110 to 130 units. By the second quarter he expects to post another $80 million to $90 million over 200 units, he said.

Read more: Minorities and mortgages: Black leaders’ thoughts on closing the racial divide

“That’s actually an interesting thing,” he said when asked how he was able to build staff so quickly. “I was making a great living for myself, and one of the other drivers why I got into the mortgage world was to help my friends make similar income to me as to where I could have fun – not just me eating the steak, but I want my friends to eat steak with me. I thought you know what, I’m going to start my own mortgage company, get them a job. That’s when we took off.”

Having given his friends a piece of the pie, he then set out to train them. “The interesting part about it is they had no experience in the mortgage world,” he said. “I essentially said it’s going to be very tough for someone to give you an opportunity, so I decided to create the opportunity for them. I’ve seen them flourish; one of them is the vice president of the company and another one is the loan processor manager.”

MPA asked Lara to describe the parts of his career that fulfills him the most. “One might think money, but it’s actually not the money,” he said. “It’s necessarily allowing individuals around you to rise to your level and really provide a monetary platform where they can bring their families up.”

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