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ASB Named Best Place to Work in Hawaii for 2023

ASB April 21, 2023 | 1 MIN read Personal

American Savings Bank (ASB) has been named a Hawaii Business Magazine Best Place to Work for 2023, now totaling 14 consecutive years of ASB receiving this recognition.

Based on survey feedback from our ASB Dream Team, teammates mentioned that they love ASB’s award-winning benefits, enjoy the collaborative and unstuffy culture and appreciate working with teammates and managers who care about and support them.

And, that’s not all! ASB also placed #1 on the 2023 large employer list for Most Family-Friendly Company and Best Place to Work for LGBTQ+ Equality!

Most Family-Friendly Company

Best Place to Work for LGBTQ+ Equality

“We are honored that the ASB Dream Team voted us a Best Place to Work in Hawaii for 14 years in a row,” said Beth Whitehead, executive vice president and chief administrative officer at ASB. “Our teammates are the heart and soul of ASB, so we make sure to work hard to provide an excellent teammate experience.”

Check out the awesome dance moves from ASB’s management committee and teammates showing off their excitement!

 

Investments in an excellent teammate experience makes ASB one of the best places to work and it begins with feedback, a key component of ASB’s culture. Many of ASB’s award-winning benefits, such as weekly paydays, casual dress code, student loan repayment assistance and wellness and birthday holidays were inspired by teammates.

Join the #ASBDreamTeam Today

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Emi Au Named 2023 Women Who Mean Business Honoree

ASB April 13, 2023 | 3 MIN read Personal

Emi Au's headshot

Emi Au, Senior Vice President, Director of Consumer Banking Strategy and Planning, was recently named a Pacific Business News (PBN) Women Who Mean Business honoree – a prestigious award recognizing Hawaii's top women leaders for their significant business and community contributions.

Emi joined ASB in 2016 as Director of Financial Planning and Analysis, and has skillfully navigated through complex initiatives, including the strategic construction of the ASB Campus and a global pandemic. She was then hand-selected to serve as the Director of Consumer Banking Strategy and Planning, where she uses her strong collaboration and leadership skills to execute ASB’s vision of making banking easy for customers.

“Emi is always thoughtful with her approach and never afraid to ask tough questions. She was the youngest member of the executive committee, but she easily earned everyone's trust with her knowledge, professionalism and compassion. She has a heart for community service and is always willing to make time and space for what is asked of her. It’s a pleasure to know such a bright and caring professional and I have no doubt she will continue to be an asset to our community as a leader.” – Noriko Namiki, chief executive officer at YWCA Oahu.

Emi Au and Dani Aiu

Emi volunteers her time with the U.S. Japan Council as the current chair of the Hawaii region and treasurer for the Chamber of Commerce Hawaii Young Professionals. As a huge supporter of animal rights and a dedicated foster mom of kittens, Emi has saved countless animals and works with Hawaii Humane Society to educate youth about animal foster care.

Check out Emi’s interview below with PBN where she shares insights and highlights of her career and personal life.

What was your biggest accomplishment last year?

The biggest accomplishment for me was transitioning to a completely different role within American Savings Bank. For much of my career, I led financial reporting and analysis, budget and forecasting for the bank. In 2022, I moved into a new and exciting position focused on the bank’s long-term consumer strategy including transforming our branch network, modernizing our customer call center and developing a relationship banking strategy. With that, ASB continues to support my passions including volunteering for our community, nonprofit board service, and focusing on family.

What is your top goal for 2023 and how do you plan to achieve it?

I think back to a conversation I had with my CEO, Ann Teranishi, earlier this year. She told me, ‘Instead of focusing on what I did, focus on what I learned.’ So, with that said, my top goal for 2023 is to ‘let go.’ I am a perfectionist at heart and can be my own worst enemy. I would love to get a point where I can be OK with not always being ‘on top of it.’ To keep me grounded with this goal, I surround myself with others [who] have a similar personal goal they are trying to achieve, and we have dialogue on our progress and our setbacks.

What do you do to relax?

This will seem very type A of me, but I relax by making to-do lists or cleaning my house, which is usually an item on my to-do list! My husband calls me a human Roomba. I also relax by spending time with my family, my husband, my three kids, my cat and foster kittens.

What work environment do you thrive in? If you’ve opted to implement a work-from-home or hybrid model, please describe your office setup and the impacts you have noticed personally, professionally and/or within your team.

I thrive best in an environment with other high performers who push and stretch me to do more. I’ve developed such meaningful relationships with my teammates. ... Personally, I prefer working in an office environment for that sense of community and collaboration.

Lia Omizu's Photo

Lia Omizo

Assistant Vice President, Commercial Banking Officer

 

American Savings Bank

(808) 539-7652 
lomizo@asbhawaii.com

Lia joins the Commercial Banking team with more than two years of experience in the finance industry. Previously a commercial credit analyst, Lia is passionate about making banking easy and convenient and goes the extra mile to make dreams possible. 

A local girl born and raised on Maui, Lia is committed to bringing real impact to her community. Her personal interests include spending time with friends and family, trying new foods and watching a good movie or show. 

Lia holds a Bachelor of Art in Business Administration with a focus in Accounting and a Master of Science in Taxation from the University of Washington.

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Wayden Chu's Photo

Wayden Chu

Assistant Vice President, Commercial Banking Officer

 

American Savings Bank

(808) 539-7852 
wcchu@asbhawaii.com

Wayden joins the Commercial Banking team with nearly eight years of experience in the banking industry. With his extensive knowledge about finance, Wayden has worked in multiple facets of the industry, including as a credit analyst at ASB and documentation specialist. Born and raised in Manoa, Wayden is passionate about helping local customers reach their financial milestones and dreams by offering personalized solutions to fit their goals. 

Committed to bringing real impact to the community, Wayden serves as the president of Lung Kong Kung Shaw and head coach for ASB’s softball team. His personal interests include spending time with his wife and daughters, lion dance, golf, softball and watching sports, especially the New York Yankees.

Wayden holds a bachelor’s in business administration from the University of Oregon and is a graduate of Hawaii Baptist Academy.

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Jumbo Loan Options: What to Know About Terms and Rates

ASB April 10, 2023 | 2 MIN read Personal

In Honolulu County, as in many neighborhoods throughout the islands, more than half of the single-family homes hover near a million. If your family is in the market for one of those houses, or perhaps a multi-family property with some rental potential, odds are good that you might be looking into jumbo loans: a special type of home loan for big buys, starting at $1,089,300 for single-family home loans in Hawaii.

Residential area in Hawaii

What’s the average interest rate for a jumbo loan?

In some ways, there’s really no such thing as an typical interest rate for a jumbo loan. Banks will want to understand a range of factors about your specific situation, and many, like ASB, are ready with discounts on the base level rate if you’re able to meet certain jumbo loan criteria, like a higher credit score or more down payment dollars to contribute.

Should we aim for a fixed-rate jumbo loan, or an adjustable-rate jumbo loan?

Just like home loans in lower amounts, there are both fixed-rate mortgages and adjustable-rate mortgage (ARM) options. But when we’re talking about a higher total loan amount, a small difference in percentages or terms could end up having higher stakes when you multiply out the implications over time.

When selecting a loan, you may want to start with the following considerations:

  1. How long do we want to own this property for? Is this a generational plan, or something we expect to sell in a few years?
  2. What’s our time frame for paying off this loan? Will we refinance, or pay it off, before the fixed-rate period would finish on an ARM?
  3. What are our plans for this property? Will we live in it or rent it out? How much of our mortgage payment will rental cash flow cover, and can we afford to cover the difference every month?

ASB’s vice president and executive residential loan officer Reyn Sugai explains that, since the dollar amounts you’re borrowing are higher with jumbo loans, the implications of a tiny difference in interest rate can be pretty huge when you calculate your future monthly payments.

Is a jumbo loan right for me?

It’s really important to understand what discounts are available to you for your particular set of circumstances when getting a jumbo loan, how long the fixed rate period will be on your ARM (and whether you plan to refinance before then), and what your payment schedule would look like on a long-term fixed-rate mortgage option before making the final call.

There are lots of online tools available -- like this comparison calculator or this adjustable rate mortgage payment estimator you can tinker with -- but the best creative solutions and most helpful insights always come from personal conversations with the experts about jumbo loan options. Contact our loan officers to talk story about your plans and options, any time. You could be talking about a difference of hundreds even thousands of dollars in payment amounts, so doing the analysis carefully is time well-spent.

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ASB Introduces New Mortgage Options to Expand Affordable Homeownership Access for Native Hawaiians

ASB April 06, 2023 | 2 MIN read News Releases

American Savings Bank (ASB) is now approved by the U.S. Department of Housing and Urban Development (HUD) to provide HUD 184A and FHA 247 loans to the Native Hawaiian community. The loan programs are designed to provide affordable financing options to Native Hawaiians for the purchase and refinance of homes on Department of Hawaiian Home Lands (DHHL) leased land.

Family moving into home

“We are passionate about uplifting our local community through meaningful financial support and guidance,” said Ann Teranishi, president and CEO at ASB. “Our new loan programs allow us to further our commitment to building a better, stronger Hawaii by expanding access to affordable homeownership.”

The loan programs offer low down payment options, no annual mortgage insurance premiums, flexible underwriting and more. These benefits aim to help Native Hawaiians build wealth and restore ties to Hawaiian home lands through sustainable homeownership.

“It’s disheartening to see so many applicants turn down a lease award because they think they’re unable to qualify for financing or don’t have enough money for a down payment,” said Kali Watson, commission chair at DHHL. “These loan programs, combined with the recent $600 million allocation from the State, will provide much-needed housing opportunities and support for Hawaiians.”

According to a 2020 DHHL survey, nearly 22 percent of residential applicants indicated that financing was the most important factor when considering accepting their lease award. In the same survey, DHHL identified that 40 percent of applicants who “may be qualified” for financing did not apply for a mortgage.

ASB’s New Loan Programs

HUD 184A

  • Down payment (1.25% - 2.25%)
  • No annual mortgage insurance premium
  • Flexible underwriting
  • Guaranteed by the U.S. Department of Housing and Urban Development (HUD)

FHA 247

  • Down payment (3.5%)
  • No annual mortgage insurance premium
  • One-time upfront mortgage insurance premium
  • Guaranteed by the Federal Housing Administration (FHA)

The new loan programs further strengthen ASB’s existing commitment to providing affordable housing resources, which includes investments in 25+ low-income housing projects in Hawaii. These investments include:

  • $9.2 million in Kaiaulu O Waikoloa, a multi-family apartment development in Waikoloa, Hawaii Island, with 60 units for residents with a 30-60% Area Medium Income (AMI)
  • $8.3 million in Kaiaulu O Halelea, a multi-family rental community that will offer 56 living units to residents with a 30-60% AMI
  • $9.3 million in Kaiaulu O Kukuia, an affordable workforce housing development in Lahaina, Maui, consisting of 100 two-bedroom, 75 three-bedroom and 25 four-bedroom units for residents earning 30-60% AMI
  • $20.4 million in Halewaiolu Senior Residences, a new construction with 156 units in the heart of Downtown Honolulu

In addition to the new loan programs, ASB provides a wide range of services and products, including free online courses, financial calculators and more. With a focus on making dreams possible, ASB is dedicated to helping customers achieve their financial goals.

For more information about ASB’s HUD 184A and FHA 247 loan programs, please visit our DHHL page.

Media Contact

Karwin Sui
Communications Manager
(808) 539-7268
ksui@asbhawaii.com

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ASB Releases First Environmental, Social and Governance (ESG) Report

ASB April 04, 2023 | 1 MIN read News Releases

American Savings Bank (ASB) released its first annual Environmental, Social and Governance (ESG) report, which highlights ASB’s ongoing efforts to support decarbonization, economic health and affordability, secure digitalization, diversity and inclusion, employee engagement and more. The report is divided into six pillars to best outline the work and progress: Thriving Economy, Thriving Customers, Thriving Communities, Thriving Employees and Thriving Environment.

Kalo Field

“We are proud to present our first-ever ESG report, which shares our long-standing commitments to our customers, community and teammates and future priorities around environmental sustainability,” said Ann Teranishi, president and CEO at ASB. “As a great bank making dreams possible for nearly a century, we recognize the critical role we play in making Hawaii a better place for generations to come.”

ASB’s ESG efforts are guided by Chief Marketing and Product Officer John Ward and Chief Credit Officer Steven Nakahara, who manage a cross-functional ESG Core Team comprised of various divisions at ASB.

The report emphasizes seven focuses designed to support long-term sustainability, including: Economic Health and Affordability, Reliability and Resilience, Secure Digitalization, Diversity, Equity and Inclusion, Employee Engagement, Decarbonization and Climate-Related Risks and Opportunities.

Highlights from ASB’s 2022 ESG report

  • $1.85 million invested in Hawaii’s future leaders and entrepreneurs
  • Drove more than $750,000 toward Hawaii’s restaurant and food supply industries, with the help of 200 businesses, through the Hawaii Restaurant Card Business Holiday Card
  • Investments in 25+ low-income housing projects statewide
  • Ranked #1 in “easy-to-use online and mobile banking” in 2022 brand survey
  • More than $1.4 million in charitable giving
  • Teammates contributed hands-on impact through more than 12,000 Seeds of Service hours
  • $240,000 invested in Aala Park revitalization
  • Financed more than $135 million in residential clean energy loans to support decarbonization efforts
  • Named one of Hawaii Business Magazine’s Best Places to Work for the 14th consecutive year

 

To view ASB’s ESG report, please visit asbhawaii.com/esg.

 

Media Contact

Karwin Sui
Communications Manager
(808) 539-7268
ksui@asbhawaii.com

 

Hawaiian Home Lands Loan Program

American Savings Bank (ASB) is committed to making a real impact in the community by providing Native Hawaiian families eligible for Hawaiian Home Lands more options to turn their dream of owning a home in Hawaii into a reality.

CONTACT A MORTGAGE LOAN OFFICER

 

 

ASB Number One Lender

American Savings Bank is Hawaii's #1 Local Mortgage Lender*

*2024 State of Hawaii Bureau of Conveyances data, recorded total value of residential, non-wholesale, purchase mortgages.

ASB is a trusted Department of Hawaiian Home Lands (DHHL) lender for purchasing and refinancing property on Hawaiian Home Lands

HUD 184A Native Hawaiian Housing Loan Guarantee Program

  • Low down payment (1.25% - 2.25%)
  • No mortgage insurance
  • Flexible underwriting
  • Loan guaranteed by U.S. Department of Housing and Urban Development (HUD)

FHA 247 Loan Program

  • Low down payment (3.5%)
  • No annual mortgage insurance
  • One-time upfront mortgage insurance premium
  • Loan guaranteed by the Federal Housing Administration (FHA)
  • Up to 85% Loan-to-Value cashout

Qualification Criteria

 

  • Applicant must be at least 18 years of age with the ability to mortgage a leasehold interest in real property that is subject to the Hawaiian Homes Commission Act, 1920, as amended.

Hawaiian Home Lands Loan Program Officer Team

Our mortgage loan officers are here to provide you the guidance and expertise on your new home on Hawaiian Home Lands. Contact any of our experts below for more information.

Lisa Carillo's headshot

Lisa Carillo

VICE PRESIDENT
EXECUTIVE RESIDENTIAL LOAN OFFICER

NMLS #685883
Direct: (808) 872-4991
Mobile: (808) 463-2296
lcarillo@asbhawaii.com

Alan Magno's headshot

Alan Magno

VICE PRESIDENT
EXECUTIVE RESIDENTIAL LOAN OFFICER

NMLS #477326
Direct: (808) 593-4821
Mobile: (808) 425-2974
amagno@asbhawaii.com

Paul Santos' Headshot

Paul Santos

VICE PRESIDENT
EXECUTIVE RESIDENTIAL LOAN OFFICER

NMLS #477347
Direct: (808) 539-7124
Mobile: (808) 927-9548
psantos@asbhawaii.com

Common Questions:

Text Display: To provide an optimal viewing experience, we refrained from using diacritical marks on this webpage.

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5 Things to Know About Jumbo Loans

ASB March 03, 2023 | 4 MIN read Personal

In home loan land, there are two big categories (aside from government loans): conforming loans and portfolio loans. There’s much more on that topic, but for this conversation, the important part to know is that conforming loans are capped at a lower total loan amount, because they can be guaranteed by Fannie Mae and Freddie Mac (those are the organizations created by the federal government to support the mortgage market.)

Friends on porch

What is a jumbo loan?

Jumbo loans are those too big for the conforming loan category, which means that a bank is taking on the risk associated with the loan. The bank will keep a jumbo loan within its own portfolio of investment holdings, instead of using Fannie Mae or Freddie Mac funds to back your loan. In Hawaii, the jumbo loan limit for a single-family home loan to jump to a jumbo mortgage loan is anything over $1,089,300.

Folks here in Hawaii might seek out a jumbo loan if they’re thinking about a big single-family home, going in on a multi-family property for the extended ohana, or looking at an investment property like a building with units to rent out. If that’s something you’re pondering, here are 5 things to know about jumbo loans.

  1. The jumbo loan threshold in Hawaii is higher than in other places. Every year, the Federal Housing Finance Agency looks at average home prices in markets across the country, and sets threshold limits for conforming loans. For 2023, in the majority of the US, the threshold is $726,200. But in places they call “high-cost areas” -- like Hawaii -- the number is $1,089,300 for one-unit properties. When the loan surpasses the conforming loan limit , it is considered a jumbo loan. That’s because our average home prices in Hawaii are, for better or worse, higher than many other places in the country.
  2. Because of the risk involved to the bank, jumbo loans can sometimes involve additional steps and expenses. Unlike conforming loans, which fit the criteria for safer bets and can be government-backed, portfolio loans like jumbo loans go through a few extra checks before they get approved. Some of those include:
    • An extra jumbo loan appraisal, or other verification steps, to confirm that the sales price of your home is appropriate for the actual value of the property, so the bank can be sure your loan is a good investment.
    • Additional fees, to cover the extra steps in the loan process. All these extra hoops to jump through often have price tags attached, that may show up in higher closing costs at the end of your home-buying process. These are good things to check into, in case they need to be part of your financial game plan.
  3. Banks often have stricter jumbo loan requirements when it comes to the approval process than for conforming loans. Because the bank is taking all the risk of a jumbo loan into its own investment portfolio - not using government-backed funds from Fannie Mae or Freddie Mac - that means the bank will typically be more cautious about what loans are approved. A really strong applicant that’s likely to get approved would have:
    • A good-sized down payment - which we acknowledge can be hard to do in Hawaii given the high home prices, high cost of living, and the challenges associated with saving up a nest egg. More on that below.
    • A strong credit score - think 720 or higher. And the better the score, the more interest rate discounts you might be eligible for.
    • A healthy income and/or cash reserve, without too much pre-existing debt.
  4. You may not need a 20% jumbo loan down payment. Once you start working with a local loan officer, you may find that the jumbo loan minimum down payment is actually within reach. While it’s ideal to show up with a 20% down payment ready. At ASB we know that often our Hawaii residents can be really well-qualified in all the important ways, but still have trouble getting that 20% wad of cash saved up.

    We believe that 20% number shouldn’t stand in the way of local families getting into the homes they qualify for, so we’re always ready to sit down with folks to see what paths we can open up. With mortgage loan programs like ASB’s piggyback option, home buyers can get help qualifying for a jumbo loan with 10% down payment by tapping into equity and avoiding the need for expensive mortgage insurance. This will help keep your monthly payment in check and on-budget. That’s the upside of the bank alone taking on the risk of these portfolio loans - we also get to set the terms for the loans based on our own bank’s values and priorities: serving our kamaaina families.
  5. Don’t tackle it alone. As is often the case in banking, working with an expert is really the best way to get a good handle on all your jumbo loan options and the best paths forward to your goal. A good relationship with your banker or loan officer starts with a conversation, where asking questions, sharing ideas, getting inspired and helping you to your goals is the name of the game.

We welcome conversations with our ASB loan officers, even in the dream-it-up stage of your jumbo loan planning. Contact us to set up a time to talk story any time.

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