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Mortgage licensing / Hawaii

Hawaii Mortgage Servicer License

company licence · NMLS HISERVICE_C · DFI

Requirements (11)

  1. Step 1

    Other Trade Name: If operating under a name that is different from the applicant’s legal name, that name (“Trade Name”, “Assumed Name” or “DBA”) must be listed under the Other Trade Names section of the Company Form (MU1). HI-DFI does not limit the number of other trade names. If operating under an “Other Trade Name”, upload a file-stamped copy of the Certificate of Registration of Trade Name from the Business Registration Division of the State of Hawaii Department of Commerce and Consumer Affairsregarding ability to do business under that trade name. This document should be named [HI] Trade Name – Assumed Name. Note: The box in the “forced” column should be checked if either the Commissioner of Financial Institutions or the Business Registration Division of the Hawaii Department of Commerce and Consumer Affairs will not allow the company to use its legal name for any reason.

    Submitted via: NMLS Upload in NMLS: under the Document Type Trade Name/Assumed Name Registration Certificates in the Document Uploads section of the Company Form (MU1).

  2. Step 2

    Resident/Registered Agent: The Resident/Registered Agent must be listed under the Resident/Registered Agent section of the Company Form (MU1).

    Submitted via: NMLS

  3. Step 3

    Certificate Good Standing Certificate: Upload a State-issued and approved document (typically by the Secretary of State’s office), dated not more than 60 days prior to the filing of the application through NMLS that demonstrates authorization to do business in Hawaii. This document should be named HI Certificate of Good Standing. Applicants incorporated or formed in a jurisdiction other than the State of Hawaii must also submit a current (no more than 60 days prior to the date of filing of application) certificate of good standing from the state of incorporation or formation. This document should be named [[State prefix] Certificate of Good Standing.] Note: If there is an existing Certificate of Good Standing uploaded and it is older than 60 days from application, please remove and replace with the current certificate of good standing.

    Submitted via: Upload in NMLS: under the Document Type Certificate of Authority/Good Standing Certificate in the Document Uploads section of the Company Form (MU1).

  4. Step 4

    Management Chart: Submit a Management chart displaying the applicant’s directors, officers, and managers (individual name and title). Must also identify compliance reporting and internal audit structure. This document should be named [Company Legal Name] Management Chart. Note: If the existing uploaded management chart already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart.

    Submitted via: Upload in NMLS: under Management Chart in the Document Uploads section of the Company Form (MU1).

  5. Step 5

    Organizational Chart: Upload an organizational chart ifapplicant is owned by another entity or entities or person, or hassubsidiaries or affiliated entities.Upload this document in NMLS under the Document Type This document should be named [Company Legal Name] Organizational Chart. Note: If the existing uploaded organization chart already includes the above information, an additional document does not need to be uploaded. A company should only upload a single organizational chart.

    Submitted via: Upload in NMLS: under Organization Chart in the Document Uploads section of the Company Form (MU1).

  6. Step 6

    Electronic Surety Bond: Submit an Electronic Surety Bond via NMLS in the amount of $100,000 furnished and submitted by a surety company authorized to conduct business in Hawaii. See the ESB Adoption Table and the ESB for NMLS Licensees page of the NMLS Recourse Center for more information. Note: Surety bonds submitted via the Document Uploads section will not satisfy this requirement.

    Submitted via: Electronic Surety Bond in NMLS

  7. Step 7

    List of Affiliations and etc.: For an Applicant other than an individual, you are required to complete the HI – List of Services Provided to Related Companies form. If none, please indicate so.

    Submitted via: Email document to: dfi-nmls@dcca.hawaii.gov

  8. Step 8

    Method of Doing Business: Provide the proposed method of doing business (e.g. use of sub-servicer, in-State office, mail, internet, etc.) AND a list of all customer remittance methods that will be offered (e.g. check, wire transfer, ACH, pay-by-phone, etc.). If using a sub-servicer, please provide this information from the sub-servicer.

    Submitted via: Email documents to: dfi-nmls@dcca.hawaii.gov

  9. Step 9

    Sub-Servicers/Master Servicers: Complete the HI Sub-Servicer and Master Servicer Form. If none, please indicate so. Note: Unless exempt from licensing, Hawaii requires the Master Servicer to obtain a Hawaii Mortgage Servicer license.

    Submitted via: Email documents to: dfi-nmls@dcca.hawaii.gov

  10. Step 10

    Physical Location: Provide a list of proposed physical location(s) from which Applicant intends to conduct business in the state of Hawaii and the name designated by Applicant for each location. See Chapter 454M-5(6) to see if the company requires a physical location. If none, please indicate so. Note: Only include Hawaii locations that will act as a mortgage servicing location. Please indicate if a Hawaii location is not applicable.

    Submitted via: Email documents to: dfi-nmls@dcca.hawaii.gov

  11. Step 11

    Cost and Fees: Complete the HI Cost and Fees Schedule. In addition, if using a sub-servicer(s), please provide this information from the sub-servicer(s).

    Submitted via: Email documents to: dfi-nmls@dcca.hawaii.gov

General information

Who Is Required To Have This License? Any person responsible for collecting, receiving, and processing any scheduled periodic payments from a borrower pursuant to the terms of any residential mortgage loan, including amounts for escrow accounts under the Real Estate Settlement Procedures Act, and for making the payments to the owner of the loan or other third parties of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the mortgage servicing loan documents or servicing contract. In the case of a home equity conversion mortgage or reverse mortgage as referenced in Chapter 454M, Hawaii Revised Statutes (“HRS”), servicing includes making payments to the borrower. Note: Master servicers and sub-servicers of a Hawaii residential mortgage loan, as defined in Section 454M-1, HRS, must be licensed as mortgage servicers unless otherwise exempt from licensure pursuant to Section 454M-3, HRS. Note: Mortgage servicers licensed under Chapter 454M, HRS, whose business constituted at least a 20% share of the total mortgage loan servicing market in Hawaii in the previous calendar year, must maintain an office in Hawaii for the purposes of addressing consumer inquiries or complaints and accepting service of process. If you believe you need to complete a new application for an additional location in Hawaii at which mortgage servicing activities are conducted, please call Hawaii DFI to discuss. Note: Companies who employ individuals that conduct mortgage loan origination activity related to loan modifications are required to obtain a Mortgage Servicer license. However, the employees of the mortgage servicer conducting loan modification activity are not required to be licensed as a Mortgage Loan Originator (individually). Who Does Not Need This License? • Any persons chartered or authorized under the laws of any state or federal law to engage in the activity of an insured depository institution as defined in Title 12 United States Code Section 1813 (c)(2), including banks or savings associations, and operating subsidiaries of an insured depository institution; • Trust companies, credit unions, insurance companies, and financial service loan companies licensed by the State of Hawaii; • The Federal Deposit Insurance Corporation, in connection with assets acquired, assigned, sold or transferred pursuant to Section 13(c) of the Federal Deposit Insurance Act or as receiver or conservator of an insured depository institution; • The Federal National Mortgage Association; the Federal Home Loan Mortgage Corporation; the Federal Deposit Insurance Corporation; the United States Department of Housing and Urban Development, and the Government National Mortgage Association and the Federal Housing Administration, and cases in which a mortgage insured under the National Housing Act, 12 United States Code Section 1701 et seq., is assigned to the United States Department of Housing and Urban Development; the National Credit Union Administration; the Farmers Home Administration or its successor agency under Public Law 103-354; and the Department of Veterans Affairs, in any case in which the assignment, sale, or transfer of the servicing of the mortgage loan is preceded by termination of the contract for servicing the loan for cause, commencement of proceedings for bankruptcy of the servicer, or commencement of proceedings by the Federal Deposit Insurance Corporation for conservatorship or receivership of the servicer or an entity by which the servicer is owned or controlled; and • Any person making or acquiring contemporaneously no more than five residential mortgage loans with that person's own funds for that person's own investment. • A developer of a time share plan, or an affiliated entity of a developer of a time share plan, servicing a loan that is: • Made by the developer or the developer’s affiliated entity; and • Secured by a lien on a time share interest. Activities Authorized Under This License This license authorizes the following activities… • First mortgage servicing; • Third party first mortgage servicing; • Subordinate lien mortgage servicing; • Third party subordinate lien mortgage servicing; • Master servicing; • Mortgage loan purchasing; • Short sale; • Reverse mortgage servicing; • Mortgage loan modifications. Pre-Requisites for License Applications • None.

Other Hawaii mortgage licenses

Sourced from the NMLS/CSBS state licensing record, last updated June 19, 2024. Requirements change — confirm against the state agency before filing. Not legal advice.

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