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David W. Kane Jr. is more than aware of the ups and downs of Florida’s housing market. He rode the Sunshine State’s real estate roller coaster from 2004 to 2010 as the owner of Dream Mortgage Inc., an independent brokerage, and served in leadership positions at the Florida Association of Mortgage Professionals (FAMP) through the good and bad years.
He is now branch manager at Security National Mortgage Company’s location in Cape Coral, Fla., as well as FAMP’s president. He spoke with Natonal Mortgage Professional Magazine about his state’s ups and down, and the future of Florida’s housing scene.
How would you categorize the state of housing in Florida?
It seems to be improving, though it is spotty–some areas are better than others. There are still some restrictions on condos market that still put a damper on that market a little bit. But there are hot new condo projects in the works, and in south Florida, condos are doing really well.
The economy seems to be coming around pretty well, though things could always be better. Tourism is increasing, so people can come around to get their interest piqued in buying property around here.
In Miami, south Florida, Tampa and Orlando, we see a lot of foreign money. We are also seeing a lot of Chinese investors coming here–they feel they are getting good values for their money.
However, we are seeing a lot of broker shops migrating to lenders or mini-correspondents or into larger depositories.
When you speak to members of FAMP, what do they list as their biggest concerns?
On a national level, their priority is the integrated disclosure rule coming out in August. Here in Florida, the state is starting its seven-year audit cycle. They audit every business entity under Florida statute, so you really have to pay attention to compliance. It has been a long time since the Office of Financial Regulations has been doing routine audits.
How did you get involved in FAMP?
I wanted to help support the industry that was putting food on my table. After joining, I was invited to a Southwest Florida Chapter Meeting. I was asked to serve as vice present, then I became president-elect, then I served as president of the Southwest Florida Chapter of FAMP from 2005-2006. I was also on the State Board, and I was the chairman of the Membership Committee starting in 2006. I was elected to the Executive Committee in 2010. I went on to serve as treasurer, then vice president, then president-elect, and now, I am statewide president of FAMP. My term as president concludes in August.
What are the advantages for a Florida mortgage professional to join FAMP?
We have a very good grassroots effort. We work very closely with our state legislature, and we try to have close relations with regulators. Most of our chapters have legislators speaking at their events, whenever possible. We go up once a year [to the state capital] and lobby with them.
As the Florida state affiliate for NAMB—Association of Mortgage Professionals, what do you feel that adds to your association and towards the overall agenda for the mortgage profession nationwide?
Each state helps bring a little strength to NAMB’s bigger picture. For us, we were helpful with the flood insurance issue.
You have a lot on your plate professionally. How do you spend your leisure time?
I volunteer with a local greyhound rescue group. I have two former racing greyhounds in my house. We’ve taken some of the rescued greyhounds up to groups in Ohio, Kentucky and Tennessee. I also play golf, but not as often as before 2008—just every now and then.
Phil Hall is managing editor of National Mortgage Professional Magazine. He may be reached by e-mail at [email protected].