Hawaii Mortgage Education
EasyRealEstateSchool.com offers these Hawaii mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
Who is required to have this license?
Any individual who for compensation or gain or in the expectation of compensation or gain: (A) Takes a residential mortgage loan application; or (B) Offers or negotiates terms of a residential mortgage loan. A mortgage loan originator includes an independent contractor who has a contractual arrangement to perform mortgage loan originating, underwriting or loan processing services to licensed mortgage loan origination company but is not an employee of the licensed mortgage loan origination company.
This license is also required for a “Qualifying Individual” of a Hawaii mortgage loan originator company, for a “Qualifying Individual” of a Hawaii Exempt Registered Mortgage Loan Originator Company, and for the branch manager of each licensed Hawaii mortgage loan originator company branch.
Who does not need this license?
- Any person who is not an individual
- An exempt registered mortgage loan originator;
- Any individual who offers or negotiates terms of a residential mortgage loan with, or on behalf of, an immediate family member of the individual;
- Any individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual’s residence;
- A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client unless the attorney is compensated by a lender, a mortgage loan originator company, or other mortgage loan originator or by an agent of a lender, mortgage loan originator company, or other mortgage loan originator;
- A person or entity that only performs real estate brokerage activities and is licensed or registered by the State unless the person or entity is compensated by a lender, a mortgage loan originator company, or other mortgage loan originator, or by an agent of the lender, mortgage loan originator company, or other mortgage loan originator;
- A person or entity solely involved in extensions of credit relating to timeshare plans, as the term is defined in Section 101(53D) of Title 11, United States Code;
- Employee loan processors and underwriters who are under the direction of and subject to the supervision and instruction of a person licensed or exempt from licensing under Hawaii Revised Statutes Chapter 454F.
Pre-requisites for license applications
- Criminal background check (federal and State)
- Authorization for Credit Check to determine the financial responsibility, character, and general fitness of an individual licensee.
- Pre-Licensing Education of at least 20 hours that shall include three hours of federal law and regulations; three hours of ethics (that shall include instruction on fraud, consumer protection, and fair lending issues), and two hours of training related to lending standards for the nontraditional mortgage product marketplace. Pre-licensing education courses shall be approved by the Nationwide Mortgage Licensing System.
- Testing. An applicant for licensure as a mortgage loan originator shall pass, in accordance with the standards established by Hawaii Revised Statutes Chapter 454F, a qualified written national and Hawaii state test developed by the Nationwide Mortgage Licensing System and administered by a test provider approved by the Nationwide Mortgage Licensing System. The test will include the following subject areas: (1) ethics; (2) federal law and regulations pertaining to mortgage origination; (3) State law pertaining to mortgage origination; and (4) federal and State law, rules and regulations, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues.
For more information about the actual course please visit Mortgage Education Course FAQ’s.
Hawaii State Requirments
SAFE ACT Requirements
- SAFE MLO Test – All new applicants must pass the National and State Components of the SAFE MLO Test before a license will be issued.
- Criminal Background Check – All new applicants must submit fingerprints through NMLS for a criminal be issued. A state criminal background check is required to be submitted outside of NMLS.
- Credit Report – All new applicants will be required to authorize a credit report through NMLS between October 2010 and March 31, 2011.
Hawaii Mortgage Education Requirements
- SAFE Act Pre-License – All new applicants must have completed 20hours of NMLS approved pre-licensure education before a license will be issued.
- SAFE Act Continuing Education – All licensees must take 8 hours of NMLS approved continuing education in 2011 in order to renew for 2012. This course should be taken Yearly by 12/31.
For more information about the actual course please visit Mortgage Education Course FAQ’s.