Hawaii Amends Mortgage Loan Origination Laws

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Hawaii has amended and enacted provisions governing mortgage loan origination and licensed mortgage loan originator companies. Specifically, SB 2817, which was signed into law on July 3, 2014, makes numerous changes to the Hawaii Secure and Fair Enforcement for Mortgage Licensing Act. Among the enacted changes, the bill:

  • Requires the principal place of business and each branch office of the mortgage loan originator company to be open during regular business hours to the public and for the examination or investigation by the commissioner. A company's principal office means the location where the company's core executive and administration functions are primarily carried out, and a branch office is any location in Hawaii that is identified to the public as a location where the licensee holds itself out as a mortgage loan originator company. "Regular business hours" means Monday through Friday, between 8:00 a.m. and 4:30 p.m., excluding state holidays.
  • Clarifies that a branch manager may not oversee more than one branch office or principal place of business.
  • Eliminates licensing exemptions for individuals facilitating mortgage loans for their family members or for their own residence.
  • Requires licensees and exempt sponsoring mortgage loan originator companies to submit quarterly mortgage call reports to the National Mortgage Licensing System (NMLS). An "exempt sponsoring mortgage loan originator company" is any person exempt or not required to be licensed who registers with NMLS for the purposes of sponsoring a mortgage loan originator.

These changes took effect immediately.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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