Requirements for Mortgage Loan Originator Company License Applicants:
Chapter 454, Hawaii Revised Statutes (“HRS”) – Mortgage Brokers and Solicitors – is repealed effective January 1, 2011. Hawaii Mortgage Loan Originator Companies may obtain licenses under Chapter 454F, Hawaii Revised Statutes, which is effective January 1, 2011.
Any company wishing to act as a Mortgage Loan Originator Company in Hawaii may submit through NMLS Form MU1 for their company, Form MU3 for each branch location, and Form MU2 for each of their control persons starting October 5, 2010.
Requirements for Mortgage Loan Originator License Applicants:
Chapter 454, Hawaii Revised Statutes (“HRS”) – Mortgage Brokers and Solicitors – is repealed effective January 1, 2011. Hawaii Mortgage Loan Originators (MLO) may obtain licenses under Chapter 454F, Hawaii Revised Statutes, which is effective January 1, 2011.
MLO applicants should consult with their employer before logging into the NMLS and completing Form MU4. MLO applicants who work for themselves as sole proprietors will need to apply for both a company and an individual license and will be required to fill out Form MU1 for the sole proprietorship "company" license, Form MU2 as the Direct Owner of the “company” and Form MU4 for the individual license.
MLO applicants in Hawaii working for a company may also submit Form MU4 through the NMLS starting October 5, 2010, but should coordinate with their sponsoring company about submission dates. Companies employing Mortgage Loan Originators are required to Sponsor the MLO license in NMLS. Be advised that the Company MU1, the Branch Location MU3 (when the Mortgage Loan Originator works from a branch) and the Mortgage Loan Originator MU4 forms must all be submitted prior to the company sponsoring the Mortgage Loan Originator's license.
Applicants for Mortgage Loan Originator licenses can complete and submit Form MU4 themselves or their company can complete Form MU4 and have the Mortgage Loan Originator applicant log in to the NMLS and electronically attest to its accuracy.
Mortgage Loan Originator applicants must meet the additional requirements listed below by to be eligible for a license:
Additional requirements will include:
- Pre-licensure education
- A Passing Score on both the National and Hawaii components of the SAFE Test
- Satisfactory criminal background check (state and federal) including finger prints
- Hawaii Division of Financial Institutions satisfactory review of a credit report
- License Sponsorship in NMLS by your company
- Payment of all fees, including payment of mortgage loan recovery fund fees
Applicants for Mortgage Loan Originator and Mortgage Loan Originator Company Licenses should review Chapter 454F, Hawaii Revised Statutes, Act 84, 2010 Regular Session Laws of Hawaii, and the Hawaii Division of Financial Institutions' website for further requirements and criteria for licensure.