{"id":1541,"date":"2015-08-14T00:01:02","date_gmt":"2015-08-14T00:01:02","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1541"},"modified":"2017-10-30T14:08:30","modified_gmt":"2017-10-30T14:08:30","slug":"hawaii-mortgage-loan-servicer-surety-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/hawaii-mortgage-loan-servicer-surety-bond\/","title":{"rendered":"Hawaii Mortgage Loan Servicer Surety Bond"},"content":{"rendered":"<p>On May 28th, 2015 new law became effective requiring a <strong>Hawaii mortgage loan servicer surety bond<\/strong> from all licensees in the state. As announced by the Hawaii Division of Financial Institutions, &#8220;Section 4 of\u00a0<a href=\"http:\/\/www.capitol.hawaii.gov\/session2015\/bills\/GM1162_.PDF\">Act 62 (2015)<\/a>.\u00a0 Section 9 of Act 62 (2015) provides that for persons holding a current license under Chapter 454M, HRS, on the effective date of Act 62 (2015) [May 28, 2015], the new surety bond requirements under Section 454M-4(j) to (n), HRS, apply as of the date of the licensee\u2019s next license renewal under Chapter 454M, HRS, but no later than December 31, 2015.\u00a0 Subject to the foregoing:<\/p>\n<p>Before a mortgage servicer\u2019s license becomes effective, the applicant or licensee\u00a0shall file with the Commissioner a surety bond written by a surety\u00a0authorized to write surety bonds in this State, covering the applicant or licensee\u2019s principal office\u00a0and any branch office from which the applicant or licensee acts as a mortgage servicer, in a\u00a0penal sum of $100,000.\u00a0\u00a0No mortgage servicer\u00a0licensee shall act as a\u00a0mortgage servicer in this State without maintaining the surety bond\u00a0required by Section 454M-4, HRS.<\/p>\n<p>The <strong><a href=\"https:\/\/suretyone.com\/commercial-surety-bonds\" target=\"_blank\" rel=\"noopener noreferrer\">mortgage loan servicer surety bond<\/a><\/strong> shall\u00a0be:<br \/>\n(1)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 In a form approved by the attorney general of Hawaii; and<br \/>\n(2)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Conditioned\u00a0upon the mortgage servicer licensee\u00a0faithfully performing any and all written agreements and\/or commitments\u00a0with or for the benefit of borrowers and mortgagees, truly and faithfully accounting for all funds received from a borrower or\u00a0mortgagee in the person\u2019s capacity as a mortgage loan servicer, and conducting the mortgage business consistent with the provisions of Chapter 454M, HRS, to perform any written agreements or\u00a0commitments.\u00a0 Section 454M-4(j), HRS.<\/p>\n<p>The application process is explained on the\u00a0<a href=\"http:\/\/mortgage.nationwidelicensingsystem.org\/slr\/Pages\/DynamicLicenses.aspx?StateID=HI\">Hawaii Licensing Page of the NMLS<\/a>. \u00a0(Click on the\u00a0<a href=\"http:\/\/mortgage.nationwidelicensingsystem.org\/slr\/PublishedStateDocuments\/HI-Mortgage-Servicer-License-New-App-Checklist.pdf\">Mortgage Servicer License \u201cNew Application\u201d link<\/a>\u00a0for detailed instructions) The mortgage servicer license fee is $875. Statutory license requirements are set out in Section 454M-4, HRS.\u00a0 The application is processed through NMLS, an online mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the state licensing and registration of state-licensed loan originators and other financial services providers.\u00a0\u00a0 The Commissioner\u2019s authority to require all mortgage servicers to register with NMLS is set out in Section 454M-4.5, HRS, and participation in NMLS is pursuant to Section 454M-4, HRS.&#8221;<\/p>\n<p><strong>Hawaii surety leader<\/strong>,\u00a0Surety One, Inc.\u00a0is a specialist in the bonding needs of the mortgage loan brokers, servicers and originators. \u00a0We offer both the surety and fidelity bonds required of mortgage professionals in ALL fifty states, Puerto Rico and the U.S. Virgin Islands. Do you operate in multiple states? \u00a0View our state-by-state report of mortgage broker bond requirements\u00a0<a href=\"https:\/\/suretyone.com\/pdf\/all-bonds\/mortgage-broker-surety-bond-requirements-state-by-state.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>. \u00a0Visit us at\u00a0SuretyOne.com, call\u00a0(787) 333-0222\u00a0or\u00a0(800) 373-2804, or email us at\u00a0Underwriting@SuretyOne.com\u00a0for an\u00a0<strong>Hawaii mortgage loan servicer surety bond<\/strong>\u00a0application or information on ANY surety or fidelity bond need.<\/p>\n<p>#suretybond #suretybonds #mortagebroker #SuretyOne<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On May 28th, 2015 new law became effective requiring a Hawaii mortgage loan servicer surety bond from all licensees in the state. As announced by the Hawaii Division of Financial Institutions, &#8220;Section 4 of\u00a0Act 62 (2015).\u00a0 Section 9 of Act&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/hawaii-mortgage-loan-servicer-surety-bond\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":1542,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"image","meta":[],"categories":[1697],"tags":[1912,1909,1910,1911,1908,1907,1807,1913],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hawaii Mortgage Loan Servicer Surety Bond<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/hawaii-mortgage-loan-servicer-surety-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hawaii Mortgage Loan Servicer Surety Bond\" \/>\n<meta property=\"og:description\" content=\"On May 28th, 2015 new law became effective requiring a Hawaii mortgage loan servicer surety bond from all licensees in the state. As announced by the Hawaii Division of Financial Institutions, &#8220;Section 4 of\u00a0Act 62 (2015).\u00a0 Section 9 of Act... 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