Yee named Island Air chief financial officer
Glenn K.L. Yee, a veteran financial officer and executive for several Hawaii businesses, has been named chief financial officer of Island Air. Yee assumed his new position July 8.
The previous CFO was Lesley Kaneshiro, who left for Lanai Resorts LLC in December. Kaneshiro had been CEO but was moved back to her former CFO position in October when Les Murashige was brought in as president.
Billionaire Larry Ellison, who bought 97 percent of Lanai last year, purchased Island Air in February. The airline has been in talks recently with go! parent Mesa Air Group over a partnership between the two carriers.
Yee most recently was CFO and treasurer for SteelTech Inc., a Hawaii specialty contractor focusing on the design and construction of industrial and commercial buildings. Earlier he served for eight years as vice president of finance for Hawaiian Dredging Construction Co.
Maui mortgage company’s license revoked
The state Division of Financial Institutions has revoked the licenses of Kathleen Patricia Morris and the Maui-based company, Herman-Morris Enterprises Inc., which is doing business as Hawaii’s Premiere Mortgage Company.
DFI Commissioner Iris Ikeda-Catalani said Thursday it issued the order for multiple violations of the state’s mortgage loan originator law, including originating a mortgage loan in a consumer’s name without authorization; receiving payoffs of mortgage loans and not remitting the payoff amounts to the lenders; attempting to pay a complainant to withdrawal his complaint; using a trade name without properly notifying the commissioner; failing to update financial disclosures after changes in financial status; and failing to notify the commissioner about a revocation of a previous license.
Consumers who have loans originated by Morris or by Herman-Morris Enterprises are asked to contact DFI and provide details of the transactions for possible compensation through the Mortgage Loan Recovery Fund at Division of Financial Institutions, Department of Commerce and Consumer Affairs, P.O. Box 2054, Honolulu, HI 96805.
U.S. rate on 30-year mortgage declines to 4.37 percent
WASHINGTON >> Average rates on U.S. fixed mortgages declined this week as concern waned in the financial markets over the Federal Reserve’s possible slowing of its bond purchases this year.
Mortgage buyer Freddie Mac said Thursday the average on the 30-year loan slipped to 4.37 percent.
That’s down from 4.51 percent last week but is still near the highest level in nearly two years.
Just two months ago the rate was 3.35 percent, barely above the record low of 3.31 percent. Rates had surged in recent weeks amid concern over the Fed’s bond purchases, which have kept interest rates low.
The average on the 15-year mortgage fell to 3.41 percent from 3.53 percent last week.
ON THE MOVE
Lyon Associates has announced:
» Thomas K. Fujimoto will serve as vice president of its construction management division. He has more than 40 years of service and management experience in projects varying from military construction and wastewater treatment plants to luxury condominiums.
» Gary Coover will serve as vice president, senior project manager. Before joining Lyon, he served as principal of Coover Consultants in Fayetteville, Ark.; he has extensive experience in the civil engineering industry.
