In Hawaii, anyone engaged in the mortgage servicing business must be licensed with the state. The HI Commerce and Consumer Affairs Department: Division of Financial Institutions is responsible for supervising and regulating the licenses.
The license application process for mortgage brokers and loan originators is managed by the Nationwide Mortgage Licensing System (NMLS). The NMLS system allows applying, updating and renewing mortgage licenses online.
Types of Mortgage Licenses in Hawaii
The state of Hawaii has three main types of licenses: Company, Branch, and Individual. The most common is the Mortgage Servicer License. Anyone who receives payments pursuant to the terms of a residential mortgage loan is required to have this license.
In this guide, we’ll only cover information regarding the Mortgage Servicer license. You can review the full list of licenses on the NMLS website.
The Most Common Company License
- Mortgage Servicer License - permits licensees to receive payments from borrowers and make payments to loan owners or other parties of interest.
Hawaii State Requirements
All license applications must be submitted via NMLS. Please note that you are required to submit some agency-specific documents directly to the Division of Financial Institutions. The surety bond must be uploaded in NMLS and sent to DFI by physical mail.
For U.S. postal service, please mail your documents to Division of Financial Institutions, Department of Commerce and Consumer Affairs, P.O. Box 2054, Honolulu, HI 96805.
For overnight mail, use Division of Financial Institutions, Department of Commerce and Consumer Affairs, King Kalakaua Building, 335 Merchant Street, Rm. 221, Honolulu, HI 96813.
For information regarding the license requirements, you can contact the Hawaii Division of Financial Institutions at (808) 586-2820 or [email protected]
For assistance with your NMLS account, you may contact NMLS call center at (855) 665-7123.
Education and Exams
Passing an exam is obligatory for some, but not all license types. In order to obtain a Mortgage Servicer License in the state of Hawaii, you don’t need to complete an education course or pass a test.
HI Mortgage Broker Bonds
Bonds for Company Licenses
- Mortgage Servicer – All license applicants are required to furnish a surety bond in the amount of $100,000. The bond must be completed on a state-approved form, which you can find on the CCA’s website. The original bond must be mailed directly to the HI Division of Financial Institutions. Note that you cannot act as a mortgage servicer without maintaining the bond.
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Fees for Company Licenses
- Mortgage Service License
All fees are collected via NMLS and are non-refundable.
- $675 application fee
- $100 NMLS processing fee