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Hawaii Mortgage Broker License |
Hawaii mortgage broker license is all that you are required to have if you are looking to run a home loan lending business in Hawaii. The real estate industry in Hawaii is experiencing a rapid growth and a large number of people are turning into the mortgage business. Today, most of the home buyers seek for home loans to buy their homes and they need special guide from qualified persons who have expertise in this field. So, becoming a mortgage broker in Hawaii will be a good job as the number of home loan borrowers keep on increasing each day. However, it is very important for you to have a clear understanding of all the mortgage broker licensing process undertaken in the state before you make your initiative.
To begin your loan lending and selling business in Hawaii, it is essential for you to have the Hawaii mortgage broker license which is regulated by the Department of Commerce an Consumer Affairs. The Professional and Vocational Licensing Division of the DCCA department is comprised of 25 professional boards and 20 licensing programs. All together the division licenses about 45 different professions. Any sole proprietor, corporation, limited liability partnership, limited liability company who negotiate or acquire a home loan for a borrower are required to have the mortgage broker license.
Hawaii Mortgage Broker License Requirements
There are some requirements for obtaining mortgage broker license in Hawaii.
- First of all, you are required to submit a complete broker license application together with the application fees. The application form can be downloaded from the official website of Department of Commerce and Consumers Affairs, Hawaii.
- As an applicant you should submit your current financial statement with the application.
- It is also mandatory to maintain a $15,000 surety bond for a broker license.
- You should also have a physical office in the state of Hawaii according to the licensing authority.
- Moreover, all your branch offices should be registered and permitted to function under the county government.
- It is not necessary for you to have any formal education or experience in order to obtain the Hawaii mortgage broker license.
- You should be above the age of 18 years and you are required to pay $100 as initial application fee.
Mortgage Broker License Renewal
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After your complete application has been received, the licensing board normally take about 30 days to review, investigate and process your application. The mortgage broker license is also required to be renewed biennially. Failure to do so will automatically result in the forfeiture of the license.
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