Name: Joseph Macapinlac
Age: 54
Position: Regional manager, PinnFund USA
First job: Sales clerk
Hobbies: Golf, reading, swimming
Joseph P. Macapinlac takes over local management of PinnFund USA, which entered the Hawaii lending market last year. Beyond conformity in lending
"We came to Hawaii . . . to make non-conforming loans," Macapinlac said. "It's becoming a new industry and has grown to $900 billion (nationwide)."
Most lenders make "conforming loans" that meet standards of the Federal National Mortgage Association or Federal Home Loan Mortgage Corp. These standards call for two years of steady employment, a perfect credit history, and properties that meet current zoning laws, he said.
PinnFund, based in San Diego, Calif., sells its loans to institutional purchasers, other whole-loan purchasers, or securitizes them itself in a public or private offering.
Macapinlac has worked 17 years in lending with thrift institutions in Hawaii. He earned a master's degree in business administration from Golden Gate University.
By Jerry Tune, Star-Bulletin