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When it comes to a homebuyer’s debt-to-income (DTI) ratio, the city with the greatest debt level is Honolulu, according to a data analysis by Realtor.com
When it comes to a homebuyer’s debt-to-income (DTI) ratio, the city with the greatest debt level is Honolulu, according to a data analysis by Realtor.com.
 
Honolulu boasts a median list price of $692,600 and a median mortgage borrower’s DTI ratio of 45.1 percent. But the median household income in Honolulu is only $81,300, which may explain how the Hawaiian capital wound up at the top of this list.
 
Other cities with high DTI ratios including Riverside, Calif. (43.4 percent), Cape Coral, Fla. (43 percent), Lakeland, Fla. (43 percent) and El Paso, Texas (43 percent). At the other end of the spectrum, Huntsville, Ala., had the lowest DTI ratio at 33.6 percent.
 
However, Realtor.com noted that its data analysis covered 200 metro areas, but it limited itself to only two metros per state “to ensure some geographic diversity.” Thus, the only California markets on the list were Riverside and sixth-ranked Stockton—even though Realtor.com acknowledged a Federal Reserve report that found Californians have the highest debt in the country.
When it comes to a homebuyer’s debt-to-income (DTI) ratio, the city with the greatest debt level is Honolulu, according to a data analysis by Realtor.com

 
The HAMB-The Hawaii Association of Mortgage Professionals has announced its Officers and Directors for 2019. All positions for the HAMB Board are voluntary, and members must be in good standing.
Congratulations to the following:
 
►President-Elect Bobby Chow
►Vice President Gary Rosenberg
►Secretary Donald Lau
►Treasurer Cathy Lee
►Immediate Past President Tiare Fullerton
►Director David Bird
►Director Linda Char
►Director Lori Ann Fukumoto
►Director Steve Higa
►Director Jaimee Manago
►Director Dennis Oshiro
►Director Claude Phillips
►Director Bradley Shinagawa
 
Members of HAMB’s Board of Directors must serve at least one year on an HAMB Committee, before they qualify for an Officer position. Only Mortgage Brokers can be considered for HAMB’s Officer positions.
Confirmation and installation of the 2019 Board will be held at the HAMB Holiday Party on Dec. 6.

 
As Hurricane Lane approaches Hawaii, CoreLogic is estimating that 48,617 homes with a total reconstruction cost value (RCV) of approximately $8 billion are at an extreme-to-very high risk of hurricane-driven flood damage
As Hurricane Lane approaches Hawaii, CoreLogic is estimating that 48,617 homes with a total reconstruction cost value (RCV) of approximately $8 billion are at an extreme-to-very high risk of hurricane-driven flood damage.
 
Most of the potential damage is on Oahu, which has 36,083 homes at extreme or very high risk of flood damage, totaling just over $5 billion in RCV. Maui, with 7,143 homes at extreme or very high risk of flood damage, faces just over $1 billion in RCV. Kauai, with 3,510 homes at extreme or very high risk of flood damage, totals just over $923 million in RCV. And the main island of Hawaii, with 1,881 homes at extreme or very high risk of flood damage, totals just over $424 million in RCV.
 
As of 5:00 a.m. ET this morning, the Hurricane had maximum sustained winds of 145 mph, straddling the line between a Category 4 and 5 storm. The last severely damaging hurricane to directly hit Hawaii was Iniki, a Category 4 storm that killed six people in September 1992.

 
A community of 20 micro-housing units is being quickly constructed to offer free temporary accommodations for elderly residents and families with children who were displaced by the Kilauea Volcano
A community of 20 micro-housing units is being quickly constructed to offer free temporary accommodations for elderly residents and families with children who were displaced by the Kilauea Volcano.
 
To date, approximately 600 homes were destroyed by the volcanic discharge. According to a Honolulu Star-Advertiser report, the newly-christened "Sacred Heart Shelter" on the grounds of Sacred Heart Church on in the town of Pahoa is being created with the combined efforts of volunteer contractors, social service workers, trades crews and Hawaii National Guard troops.
 
However, the living in this community will be spartan: the 10-by-12 houses do not have electricity and will share two 8-by-8-foot structures that each will have a sink, toilet and shower. Hawaii Island United Way donated $75,000 to the project, which is also being financed with a $25,000 donation from Hu Honua Bioenergy.
 
Nonetheless, Darryl Oliveira, director of civil defense for the County of Hawaii, said more than 60 potential occupants have already expressed interest in this set-up. “It’s much better than living out of a car or an emergency shelter,” he said.

 
The lava eruptions from Hawaii Kilauea volcano has forced hundreds of residents to evacuate, and the ongoing natural disaster is exacerbating the island’s rental housing problems
The lava eruptions from Hawaii Kilauea volcano has forced hundreds of residents to evacuate, and the ongoing natural disaster is exacerbating the island’s rental housing problems.
 
According to a Hawaii Tribune-Herald report, State Rep. Joy San Buenaventura, a Democrat represented the Puna District on the Island of Hawaii, has called on Gov. David Ige to issue three executive orders to alleviate the housing problem.
 
Specifically, San Buenaventura has requested a waiver of the transient accommodations tax until a month after the emergency declaration has ended for evacuees seeking short-term rentals of less than 180 days, and she is also seeking a waiver of certain landlord-tenant code provisions so vacant houses foreclosed upon or going through foreclosure can be rented. San Buenaventura also asked the governor to sign Senate Bill 2401, which would establish an “Ohana Zone Program,” a $50 million grant to provide basic housing needs in addition to social services, health care and transportation for the homeless.
 
“Now, because of the evacuees, we’ve got this houselessness problem, and it’s perfect to have this transitional housing for the evacuees,” San Buenaventura said. “Originally, the homeless advocates … were against it because they thought it legalized camping. But now, we’ve worked out the language … to use it to provide temporary housing for these evacuees.”
 
San Buenaventura, who is also an attorney, acknowledged that rental scams are now taking place in Hawaii as a result of the displacement of residents from the volcano-impacted area.
 
“These have been around awhile, but now we’re more aware of it, because in Puna, people are more desperate,” she said.

 
The 27th Annual HAMB Conference/CE Classes and Trade Show will be held Wednesday, September 26 at the JCCH-Manoa Grand Ballroom, located at 2454 South Beretania Street in Honolulu, Hawaii
The 27th Annual HAMB Conference/CE Classes and Trade Show will be held Wednesday, September 26 at the JCCH-Manoa Grand Ballroom, located at 2454 South Beretania Street in Honolulu, Hawaii.
 
Today's lenders and customers have access to cell phone app technology, automated underwriting, AI (Automated Intelligence) brokering. Don't be left behind. Attend this event. Get your eight CE credits, including the Hawaii credit, led by Instructor David Luna.
 
Click here for more information or click here for full registration materials.

 
Great Place to Work and Fortune have honored Castle & Cooke Mortgage as one of the “2018 Best Workplaces in Financial Services & Insurance
Castle & Cooke Mortgage LLC has opened its first office on the island of Kauai in Hawaii, its third in the state. The new branch will be led by island local and Branch Manager John Dispirito.
Castle & Cooke Mortgage LLC has opened its first office on the island of Kauai in Hawaii, its third in the state
“John’s extensive regional mortgage experience and connection to the community provide the Garden Island with an experience that is tailored to the needs of Hawaii’s homebuyers,” said Ray Beltran, Area Manager for Castle & Cooke Mortgage.
 
Prior to joining Castle & Cooke, Dispirito was the Western Region Vice President for The Money Store and a Branch Manager for FirstCal Mortgage. With a mortgage career spanning 36 years, he has held positions from Loan Officer to Vice President of Sales and Operations.
 
“I have lived in Kauai for 13 years, and in that time, I have come to embrace this island as my home,” said Dispirito. “With very few licensed Loan Officers locally available, I hope my team and I can provide a much-needed service to the people of Kauai, while sharing the aloha spirit that defines who we are and runs deep in the Castle & Cooke roots.”

 
Tiare Fullerton, President, Hawaii Association of Mortgage Professionals
Tiara Fullerton is a Branch Manager and Senior Loan Consultant at Mortgage Associates of Hawaii, a division of American Pacific Mortgage, and President of the Hawaii Association of Mortgage Professionals (HAMP). National Mortgage Professional Magazine recently spoke with her regarding her work with the Aloha State’s mortgage trade group.
Tiare Fullerton, President, Hawaii Association of Mortgage Professionals 

How did you get involved with HAMP, and what was the path that led you to your leadership position within the association?
I got involved in 2007. As a member, I wanted to give back to the industry. It was a long journey to get to the position I’m at now. I started with the Membership Committee, because that’s how you get to know your members. I moved from there to the Legislative Committee, then the Seminars and Events Committee. I served as Treasurer because I thought it was a great idea to learn what our expenses were. I served as President for 2014, 2017 and 2018, and my current term runs through Dec. 31 of this year.
 
Why should mortgage professionals in Hawaii become a part of HAMP?
We currently have approximately 120 members and we try to protect the livelihood of mortgage professionals in Hawaii through education and the monitoring of legislative issues. The collective strength of the association helps to provide the best for its members and for the consumer.
 
We also encourage communication within the mortgage industry, not only amongst Mortgage Loan Officers, but with escrow and title professionals as well. We want to keep those relationships growing.
 
What is the association’s role in the state’s legislative and regulatory environment?
We keep in touch with the State’s Department of Financial Institutions (DFI) and maintain close communication with the Department’s Commissioners. We have a local law firm that monitors upcoming bills and they let us know if there is anything we need to know about. I’ve met with our state legislators and it is a great experience—you get to see how the system works and how you can make an impact for the Loan Officers and the consumer.
 
I’ve also been to Washington, D.C. on two occasions for NAMB events. That is an experience everyone should participate in, because the more voices we have at the legislative levels, the better opportunities there are for our elected officials and regulators to hear what is important for the industry.
 
Tiare Fullerton, President, Hawaii Association of Mortgage ProfessionalsWhat is your association’s relationship like with NAMB?
NAMB keeps its state associations informed through monthly calls. We participate in order to represent our state, although it is a big haul to get to Washington, D.C. every year, but we make sure that we are supporting NAMB, and do our best to keep informed.
 
Do you see a lot of younger people coming out of college and going into the mortgage profession in Hawaii?
We are not seeing that. It is definitely on our radar, and we have talked about how to encourage that. It can be tough with this generation, because they want to see quick growth. We are talking about going into the high schools and colleges, and educating them to understand what it means to be a mortgage professional. They’re exposed to what doctors and CPAs do, but they may not have an idea about what we do.
 
What is the current state of your local housing market?
It varies by island. Our inventory is low and prices remain high, as the median price for a single-family home is $773,500 and it is $405,000 for a condo. We also have a lot of foreign investors who are moving prices up. As a result, we have a lot of families who are living together.
Phil Hall is Managing Editor of National Mortgage Professional Magazine. He may be reached by e-mail at PhilH@MortgageNewsNetwork.com.

 
From left to right: Reid Goshi, Dayleen Kai, Steven Tagawa, May Cabusas, Kelsey Weeks, Sean Hashimoto, Craig Fujikawa
Primary Residential Mortgage Inc. (PRMI) is expanding in Hawaii, announcing the opening of a new brick-and-mortar branch located in Kaimuki under the leadership of Branch Manager Craig FujikawaPrimary Residential Mortgage Inc. (PRMI) is expanding in Hawaii, announcing the opening of a new brick-and-mortar branch located in Kaimuki under the leadership of Branch Manager Craig Fujikawa. Fujikawa, comes to PRMI with more than 20 years of experience in the mortgage industry and prior to joining PRMI, he was the Co-Founder and President of Mortgage Associates of Hawaii (MAHi Loans). In his new role, Kaimuki will be responsible for the overall management of the branch, recruitment and assisting individuals with their home loan needs.
 
Kaimuki will be joined by Sales Manager Steven Tagawa who will be responsible for the PRMI sales team, as well as assisting with recruitment and helping individuals finance their homeownership goals. The PRMI Kaimuki team also includes Senior Loan Officer May Cabusas; Loan Officer Reid Goshi; Loan Officer Sean Hashimoto; Administrative Assistant Dayleen Kai; and Loan Processor Kelsey Weeks.
 
“There are several loan programs offered to support homebuyers and most people have no idea they exist, especially when it comes to down-payment assistant programs and grants,” said Fujikawa. “Our team is here to give people in our community the tools and resources they need as they make one of the biggest financial decisions in their lifetime. We are here to help every step of the way.”

 
The Aloha State was home to the 2017 housing market with the fastest luxury price growth
The Aloha State was home to the 2017 housing market with the fastest luxury price growth, according to new data from Realtor.com.
 
In Maui, led the nation with luxury prices that saw a nearly 33 percent ascent in 2017, closing the year with an average of $2.485 million compared to the previous year. Other Hawaiian markets with aggressive luxury price appreciation were Kauai, which came in fourth place with a 25 percent spike in average luxury price during the year, followed by the Big Island of Hawaii in fifth place with a 24.8 percent.
 
As for the other top five housing markets enjoying luxury price appreciation, Colorado’s Eagle County, home to the Vail and Beaver Creek resorts, ranked second thanks to prices rising 31.5 percent in 2017 to $2.89 million. The New York City borough of Brooklyn placed third with a 30 percent increase in its average luxury prices.