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Schuler Homes, mortgage
brokerage link up

Star-Bulletin staff

In a move it says will produce easier and probably cheaper home loans for its customers, Honolulu-based Schuler Homes Inc. said today it has arranged with HomeBuilders Financial Network Inc. to set up a mortgage brokerage within Schuler's operations.

Based in Miami Lakes, Fla., HFN finances homes in more than 40 markets across the country and its homebuilder clients are expected to sell about $3.7 billion worth of new homes this year.

Schuler, which had revenues of more than $500 million last year and sold about 2,600 new homes in Hawaii and other Western states in 1999, said the new brokerage will start in its Washington and Oregon branches this year and later expand to Hawaii and elsewhere.

Schuler already has a mortgage operation in its Colorado division and that will not be affected, said James K. Schuler, president and chief executive officer.

Thomas Meyer, HFN president, said the relationship will allow Schuler to set up an in-house financing operation, utilizing the latest technology, that will enable it to integrate the building and financing of new homes.

HFN will set up the financing operation, install the loan technology, recruit and train staff and manage day-to-day operations. Because of its large purchasing power, HFN should be able to bring attractive mortgage interest rates to Schuler's customers, Meyer said.