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Mortgage banker
ready to lobbyHow have you been in mortgage banking?
>> New post: 2003 president of the Mortgage Bankers Association of Hawaii. Jon Whittington
>> Day job: Countrywide Home Loans vice president and Hawaii manager.
>> Other Mortgage Bankers Association officers: Vice President/Treasurer Jasen Takei, City Bank; Secretary Marlene Lum, American Savings Bank; and Immediate Past President Donald Lau, Donald Lau Mortgage Brokers Inc.
>> Association directors: Cathy Brogan, Summit Lending; Gayle Ishima, Hawaii HomeLoans; Rolann Regidor, Hawaii National Bank; Sal Pagliaro, Bank of Hawaii.
Nine years. Countrywide has been in Hawaii since 1984 and ranked second last year for number of loans closed, according to the state Bureau of Conveyances. Bank of Hawaii was number one.
What is the mission of the Mortgage Bankers Association?
To enhance networking among real estate finance professionals, as well as to enhance the interests of real estate finance in Hawaii.
What are your goals as president?
Our major goals this year are to work with the state Legislature in the controversial predatory lending arena as well as work with the condo associations on Act 39. It allows them to recover delinquent home owner dues in the case of foreclosure. The law is set to sunset at the end of this year and we want it extended. We also have the usual activities that support our mission. We have quarterly educational forums and an annual conference. On predatory lending, we came to an agreement last year, but it didn't make it, so we're starting over again. Some families were preyed upon by disreputable mortgage brokers, not bankers, in Hamakua. There are laws on the books to take care of things like this, but there's no policing agency attached to them. One of the solutions proposed in the last session would have killed conventional lending in Hawaii. So, though no members of the Mortgage Bankers Association of Hawaii were involved in causing harm to people, we'd like to see some resolution to this that protects borrowers without inhibiting the home lending process.
The Fed kept its key rate steady last week, when do you expect interest rates to head back up?
The war in Iraq is obviously a factor. It will take some resolution to that, as well as an upturn in the economy to encourage a rate increase. For the time being, I see no substantial change.
What will the affect of higher rates be on the mortgage writing business?
Our purchasing market is strong and the lending community -- as well as real estate professionals, like the Honolulu Board of Realtors -- expects that to continue.
How much of the residential real estate boom in Hawaii is interest rate-driven?
It is definitely a factor. But we've had such a glut throughout '90s that more realistic property prices and stronger consumer confidence are also factors locally. The strength we're seeing may be more faceted than what is going on nationally.
Do you own a home?
I do.
Have you refinanced?
Of course, last year. I've also purchased an investment property.
What should folks who are thinking about refinancing consider?
How long they are planning to hold the mortgage versus how much they are going to save each month. Their lender can help them work out the numbers. Given the present economic uncertainty, home equity lines of credit have also been a popular feature of refinancing. They offer a cash reserve that is available, but it is not money that has to be spent.
Inside Hawaii Inc. is a conversation with a member of the Hawaii business community who has changed jobs, been elected to a board or been recognized for accomplishments. Send questions and comments to business@starbulletin.com.
