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Why do I need a mortgage servicer bond in Hawaii?
If you are engaged in the business of mortgage servicing, including master servicer companies, for properties located in Hawaii, you are required to post a surety bond as part of the licensing process. Mortgage servicer bonds exist to provide financial security to consumers in the state of Hawaii. By posting this bond, money servicers (principals) promise to abide by Chapter 454M of the Hawaii Revised Statutes and perform all services involving mortgage loans in a professional and honest manner. If it is discovered that the principal has failed to remain in compliance with all rules and regulations enforced by the bond, consumers will not be fiscally harmed as a result of fraud or malpractice.
This bond helps enforce greater accountability in terms of recordkeeping that faithfully accounts for all funds involved in mortgage transactions.
Submit a bond request form, and a surety expert will contact you personally to walk you through your bond application.
How much will my Hawaii mortgage servicer bond cost?
Bond premiums must be posted in the amount of $100,000.
*These bonds are subject to underwriting, meaning that the amount you pay is determined by the financials of your credit report. Regardless of your credit, our bond professionals are happy to help you get bonded at the lowest rate available to your specific needs. For an accurate estimation of how much you could pay for your bond, send a bond request.
Experience worry-free bond services when you work with SuretyBonds.com. Apply here for a free bond quote.
How to become a licensed mortgage servicer in Hawaii
In order to legally conduct mortgage loan services in the state of Hawaii, individuals must obtain a mortgage servicer license issued through the National Mortgage Lending Service (NMLS). Applicants will be asked to:
- Pay fees, including the Hawaii Application Fee ($675) and the NMLS Initial Processing Fee ($100)
- Complete and submit the Company Form (MU1), including:
Other trade name (if operating under a name that differs from the applicant’s legal name)
Primary contact employees
Certificate of Good Standing
Surety bond in the amount of $100,000 (this item must also be mailed to the Hawaii Department of Commerce and Consumer Affairs Division of Financial Institutions, P.O. Box 2054, Honolulu, HI 96805)
Additional documents should be submitted outside of the NMLS platform. The surety bond in the amount described above should also be mailed to the department, while the following should be emailed to [email protected]:
- List of affiliations and subsidiaries
- Method of doing business
- Sub-servicers/master servicers
- Physical business location
- Cost and fees schedule
More information, including exemptions from licensure, activities authorized under the HI Mortgage Servicer License, and an NMLS checklist, can be found in the New Application Checklist.
Click here to submit a free, no-obligation bond quote request form today.
Additional considerations for Hawaii mortgage servicers
Hawaii mortgage servicer bonds runs concurrently with the service license term dates. If the surety or the principal decides to terminate the bond prior to its set date of expiration, 30 days' written notice is required to be submitted and filed with the obligee announcing said cancellation. This specific bond’s obligee is the Department of Commerce and Consumer Affairs.
Mortgage servicer licenses expire on December 31 of each calendar year unless renewed. Licensees may apply for renewal by filing a renewal statement on a form prescribed by NMLS and paying the renewal and processing fees at least four weeks prior to December 31.
Mortgage Industry Surety Bonds Available Nationwide
Many states have their own surety bond requirements for mortgage professionals. This means mortgage professionals who work in several states often have multiple surety bonds. Use the map below to learn more about mortgage bonds in other states.
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