Castle & Cooke serve Hawaiian borrowers on weekends
By PAULA PARISOT
4/20/2005

Living in paradise, most people might spend their weekends taking advantage of beautiful beaches and lush landscapes. But a Hawaiian mortgage broker uses the weekends to grab more business.

Honolulu mortgage broker Castle & Cooke Mortgage in the Town Center of Mililani increases loan production by keeping the doors open from 9 a.m. to 5 p.m. on Saturdays and Sundays.

Vice President Rusty Rasmussen said the storefront presence Castle & Cooke has with its new branch office has produced immediate results in just two short months.

"The Realtors love it," Rasmussen said. "The open houses are open until 5 p.m. and if they need a question answered -- we are here, or they just send their client in to talk with us.

"While a buyer might be able to reach a loan officer on his cell phone, we have full operations on the weekends," Rasmussen told MortgageDaily.com. "We can even approve a buyer on the weekend so they can go back and actually make an offer on the house."

Quick approval is essential, Rasmussen said, because Hawaii currently has a very strong real estate market and having multiple offers on one house is very common.

Not only are homebuyers seeking loan assistance on the weekends, but those who might wish to refinance and don't have time to rate shop during the week are also taking advantage of the added convenience Castle & Cooke now offers.

"We are pulling in applicants who are just out shopping, or taking their child to the dentist, who stop in and inquire about refinancing," Rasmussen said.

He noted the company's 2004 mortgage volume was $200 million -- originated by Rasmussen and five other loan originators. He added that the conforming loan amount limit in Hawaii is $539,000.

For 2005, Rasmussen said, the company has plans to open a satellite office on the Big Island of Hawaii in the developing area of Waikoloa and has set a production goal of $225 million.

The company, a division of Castle & Cooke Homes founded in early 2002, says it offers a full range of loan programs and uses a variety of wholesalers, including main land national banks and some local lenders.

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