Does the state require a physical location within the state?
Yes.

Is there individual loan officer licensing?
Yes (mortgage solicitors).

What are lenders, brokers and loan officers called?
Hawaii uses the terms mortgage broker and mortgage solicitor.

What is the cost of a license? Surety bond? Are there net worth requirements?
A license under the Mortgage Brokers and Solicitors Act (the Brokers Act) must be obtained from the Department of Commerce and Consumer Affairs to engage in mortgage brokering. According to the Office of the Attorney General, the definition of mortgage broker in the act is not limited to the traditional concept of mortgage brokers but can also includes mortgage lenders. A "mortgage solicitor" is an individual not licensed as a mortgage broker who acts as a mortgage broker and is employed by a broker or is under the direct control of a broker (i.e., loan officer).

The fees for a mortgage broker application are $320 during odd numbered years and $185 during even numbered years. The company must name a designated principal and submit a $15,000 bond. The fees for a mortgage solicitor application are $145 during odd numbered years and $85 during even numbered years.

Is there a pre-licensing education requirement? Is there a test?
No.

Is there a CE requirement?
No.

Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license?).
The definition of broker under the Mortgage Brokers and Solicitors Act includes brokers and many lenders.

Are there any state specific high cost loan provisions?
No.

Are there any state specific predatory lending laws?
No.

Closing practices – attorney or title state? Wet or dry settlement?
Hawaii is a good funds state by statute.

Are there 2nd mortgage policies and/or restrictions? Do you need a separate license to do 2nd mortgages?
No.

Who is the regulator and what is their contact information?
Mortgage Brokers and Solicitors Program
Professional and Vocational Licensing Division
Department of Commerce and Consumer Affairs
P.O. Box 3469
Honolulu, HI 96801
Phone: (808) 586-3000
http://hawaii.gov/dcca/areas/pvl/programs/mortgage/

DISCLAIMER: The data contained here is for informational purposes only. It should not be the sole resource for licensing decisions. Please consult the regulator and/or an attorney that specializes in these matters before taking action.

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