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The Hawaii Division of Financial Institutions is the governing authority for mortgage servicer licensing and compliance. Licensing requirements are outlined in Hawaii Revised Statutes 454F-4. A surety bond is required when applying for a new mortgage servicer bond
This surety bond is an agreement between three parties:
- Principal: The mortgage servicer that needs to get the bond.
- Obligee: The entity requiring the principal to get bonded.
- Surety: The company that issues the bond.
The surety bond’s purpose is to ensure that those impacted by fraudulent or unethical actions of a mortgage servicer can be compensated fairly for incurred losses. When the surety receives a new claim, it conducts a thorough review to determine the claim’s validity. If a claim is deemed valid, the surety pays the claimant up to the bond’s penal sum.
After the claim is paid, the principal must then reimburse the surety for the total amount of the bond. Avoiding claims against the bond is easy to do by following the state’s rules and regulations.
How Much Does a Mortgage Servicer Bond Cost in Hawaii?
The cost of a Hawaii mortgage servicer bond is between $1,000 and $10,000. This cost is based on the state’s requirement for a $100,000 surety bond.
Your bond rate will fall between 1% and 10%. You might also hear this called the bond premium or the cost of the bond. You can conveniently review the chart below to estimate the cost of your bond before applying.
|
Hawaii Mortgage Servicer Bond Cost by Credit Score |
|||
|
Surety Bond Amount |
700 or Higher |
600-699 |
599 or Below |
|
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
Many of our customers want to know which factors impact how much a bond costs. In addition to reviewing credit scores, we consider the applicant’s bond history, finances and industry experience.
How to Get a Mortgage Servicer Bond in Hawaii
1. Apply For Your Bond
Obtaining a Hawaii mortgage servicer bond is a quick and easy process. To get started, apply for your new bond using one of our convenient application methods.
- Apply for a bond online – Our application form is accessible 24/7, making it easy for you to apply around your schedule. This is a brief form that usually only takes a few minutes to complete.
- Call us at (888) 592-6631 – If you prefer to provide your application information over the phone, our bond specialists are happy to help.
When applying, you will need:
- Bond name (Mortgage Servicer Licence Bond)
- Bond amount ($100,000)
- Email and contact information
2. Get a Quote
We will email your bond quote to you as soon as we receive your completed application. As you review your application, please contact us if you have revision requests. We can review your bond with you upon request.
3. Purchase Your Bond
To complete our easy process, simply sign the documents and make your payment. This can be completed online at your convenience. We will then deliver your original bond to you by email.
Hawaii Mortgage Servicer Bond Requirements
To apply for a Hawaii mortgage servicer license, you must submit an electronic surety bond when submitting the required documents to the NMLS. The Hawaii Division of Financial (FDI), part of the Department of Commerce and Consumer Affairs, regulates mortgage servicers to ensure compliance with state laws and protect consumers from fraudulent practices. As part of the licensing process, the DFI requires the Mortgage Servicer Surety Bond. This bond runs continuously. However, the surety company may cancel or amend the bond by providing the obligee and principal with a 30-day written notice.
If you have any questions regarding the required bond amount, the definition and role of mortgage servicers in Hawaii, etc., please contact us.
Recently, one of our new customers got in touch with us before applying for a mortgage servicer bond. He needed clarification of the bond requirements, and he quickly got all of his questions answered by our friendly bond experts. While he was on the phone with us, he completed his application and quickly received a bond quote.
How to Get Your Mortgage Servicer License in Hawaii
The licensing process for a Hawaii mortgage servicer is completed through the Nationwide Mortgage License System. To apply for a license, you must submit the following items:
- Application
- Surety bond
- Resident/registered agent
- Certificate of Good Standing
- Management chart
- Organizational chart
- List of affiliations
- Method of doing business
- Sub-servicers and master servicers
- Physical location
- Fees
Sources
Nationwide Mortgage Licensing System. (n.d.). Checklist compiler. https://mortgage.nationwidelicensingsystem.org/slr/SitePages/Checklist-Compiler.aspx
Nationwide Multistate Licensing System & Registry. (n.d.). Hawaii mortgage servicer bond form [PDF]. https://mortgage.nationwidelicensingsystem.org/slr/StateForms/HI%20Mortgage%20Servicer%20Bond_V1.pdf
Hawaii Department of Commerce and Consumer Affairs. (n.d.). Division of Financial Institutions (DFI) [Website]. https://cca.hawaii.gov/dfi/
Hawaii Department of Commerce and Consumer Affairs. (n.d.). Hawaii Revised Statutes §454F-4: License and registration required. https://files.hawaii.gov/dcca/dfi/Laws_html/HRS0454F/HRS_0454F-0004.htm