To qualify for and maintain a mortgage servicer license within the State of Hawaii, the Department of Commerce and Consumer Affairs requires a $100,000 Mortgage Servicer Bond.
The Mortgage Servicer Bond provides financial protection to the public. This means that if the licensee violates state mortgage regulations (e.g. commits negligence, misrepresentation, a breach of contract, and/or fraud), funds from the surety bond may act as a means of restitution for the damaged claimant.
Jet has partnered with Lexington National Insurance Corporation to compare bond rates and find what works best for you. The cost of the Hawaii Mortgage Servicer Bond is a small percentage of the state-required $100,000 limit and is based on a soft credit check of the bond applicant.
View the chart below for details on the preferred tier rates and various bond terms available.
Bond Term
Cost
Monthly
$38
1-Year
$375
2-Years
$656
3-Years
$938
HI Mortgage Servicer Bond Pricing*
*Pricing reflected is not a guarantee, as the final quote for the bond is based on personal credit as stated above. Please note that not all available price tiers are shown.
The Hawaii Department of Commerce and Consumer Affairs, Division of Financial Institutions utilizes the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of mortgage servicer licenses, as well as the filing of surety bonds. So, once you purchase the Mortgage Servicer License Bond, it must then be filed with the NMLS.
If you are in need of further details on the mortgage industry, licensure processes in multiple states, and applicable surety bond regulations, take a look at Jet’s comprehensive Mortgage License Bonds Guide.