Hawaii Mortgage Servicer Bonds

If you want to obtain a Hawaii mortgage servicer license, you need to post a $100,000 surety bond. It ensures your compliance with Chapter 454M of the Hawaii Revised Statutes.

The Division of Financial Institutions at the Department of Commerce and Consumer Affairs imposes the licensing and bonding requirements. The Nationwide Multistate Licensing System & Registry (NMLS) handles the actual procedure.

The bond amount that Hawaii mortgage servicers need to provide is $100,000. Your bond premium, however, is only a fraction of this amount. It is determined on the basis of your personal and business finances. The usual rates for applicants with stable profiles are between 0.5% and 5%.

How exactly is your surety bond cost set? Your surety needs to examine your personal credit score, company documents, and any fixed or liquid assets. By doing this, it can assess how risky it is to get you bonded. The lower the perceived risk is, the smaller your bond premium would be.

While it's more difficult to get bonded with financial problems, you can do so via Lance Surety Bonds' Bad Credit Surety Bonds program. If you are struggling with a low credit score, tax liens, bankruptcies, or civil judgments, this is an excellent bonding option.

Since the risk is higher, the premiums for bad credit bonds are between 5% and 10%. As we work with numerous A-rated, T-listed surety companies, we are still able to offer you a great bonding rate that matches your particular circumstances.

The detailed guide on our How to Get Bonded page is an in-depth resource for further information on how bonding works.

If you have further questions, don't hesitate to call us at (877) 514-5146.

You may end up with a bond claim if you fail to follow the applicable Hawaii statutes or other rules in your operations as a mortgage servicer in the state. This is how harmed parties can demand reimbursement for their losses. The maximum penalty is the bond amount that you have posted, namely $100,000.

If the case against your bond is proven, you are liable to cover the compensation. Your surety may do so at first, but the indemnity remains with you. Thus, all costs ultimately remain your responsibility. Staying away from bond claims can save you financial and business troubles.