Mortgage · Hawaii
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Hawaii mortgage FAQs
Yes. Under Hawaii Revised Statutes section 454F-6, pre-licensing education may be offered in a classroom, online, or by any other means approved by the Nationwide Multistate Licensing System & Registry (NMLS), provided the course and provider are NMLS-approved. Hawaii also accepts NMLS-approved pre-licensing education completed for any other state as credit toward its 20-hour requirement.
Hawaii no longer issues mortgage broker licenses; those licenses expired December 31, 2010, and the business is now licensed as a mortgage loan originator company under Chapter 454F. Applications are filed online through NMLS using Form MU1, and the company must maintain a principal place of business in Hawaii.
Yes. You renew through NMLS during the annual renewal window from November 1 to December 31, submitting a renewal request, completing an attestation, and paying the applicable fees online. Most Hawaii fees, including the Mortgage Loan Recovery Fund fee, are payable through NMLS.
Yes. Hawaii law states that pre-licensing education may be offered in a classroom, online, or by any other means approved by the Nationwide Multistate Licensing System (NMLS), so long as the course and its provider are NMLS-approved. After finishing the 20 required hours, you have 12 months to submit your license application before you must repeat the education.
Yes. Hawaii's Division of Financial Institutions processes mortgage lender and loan originator applications through NMLS, the online nationwide licensing system. A company files Form MU1 and its originators file Form MU4 through NMLS, which collects the records and processes most fees. One exception: the $35 fee for each control person of a mortgage loan originator company is paid directly to DFI rather than through NMLS.
It depends on how you work. Employee loan processors who perform their duties under the direction and supervision of a person licensed or exempt under Chapter 454F do not need a license. All underwriters and loan processors who act as independent contractors must be licensed as mortgage loan originators.
Yes. Licensing is state-based: any person who takes a residential mortgage loan application or offers or negotiates its terms must hold a Hawaii license under Chapter 454F when the loan is on a dwelling located in Hawaii, and Hawaii has no foreign-lender exemption. An experienced MLO already licensed in another state may continue originating loans for up to 120 days under Temporary Authority while completing Hawaii's testing and education requirements.
It depends on how they work. Hawaii requires all loan processors who act as independent contractors to be licensed as mortgage loan originators under Chapter 454F. Employee processors who perform clerical or support duties under the direction and supervision of a person licensed or exempt under that chapter do not need a license.
Only in some cases. Hawaii requires underwriters who act as independent contractors to be licensed as mortgage loan originators. Underwriters who are employees performing their duties under the direction and supervision of a person licensed or exempt under Chapter 454F do not need a license.
It depends on how the underwriter works. An underwriter or loan processor who is an employee performing clerical or support duties at the direction of a person licensed under Hawaii's Chapter 454F does not need a license. An underwriter or loan processor who acts as an independent contractor must be licensed as a mortgage loan originator, as must anyone who originates mortgage loans rather than performing purely support duties.