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Hawaii Mortgage Servicer Bonds

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Hawaii Mortgage Servicer Bonds Explained

Hawaii mortgage servicers need to complete a licensing procedure with state authorities prior to launching operations. As a part of this, you have to post a mortgage servicer bond.

The bonding requirement guarantees that you will follow the law in your work as a mortgage servicer. It provides additional protection for the state and your customers.

As the bond represents a three-party contract, your business is the principal that enters an agreement with two more entities. The Hawaii Department of Commerce and Consumer Affairs is the obligee to which you need to present the bond. The third party is the surety, which provides the bond backing.

Questions about Mortgage Servicer Bonds in Hawaii

When is this bond needed?

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.

How much does it cost to get bonded?

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.

Hawaii Mortgage Servicer Bond Cost Based on Credit Score
Surety bond name Surety bond amount Above 700 Between 650-699 Between 600-649 Below 599
Hawaii mortgage servicer bond $100,000 $500-$1,250 $750-$1,500 $2,000-$5,000 $5,000-$10,000

* This table provides a ballpark estimate of potential bond costs. Bond pricing can fluctuate over time due to a number of factors. For exact pricing, please complete an application.

Is bad credit bonding possible?

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.

How do I get my bond?

Complete our online application form (it takes 5min) to start your bonding process. You will need to provide a full set of documents, so that we can assess your exact bond premium. If you are happy with it, you can purchase the bond online.

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.

What if I receive a claim against the surety bond?

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.

Additional Resources

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About Us

Lance Surety Bonds
Lance Surety Bond Associates, Inc. is a Pennsylvania-based surety bond agency that offers bonding at competitive rates in all 50 states. Established in 2010, our company has grown to become one of the top online bond producers in the country. Working exclusively with A-rated and T-listed bonding companies gives us the confidence to offer a 100% money-back guarantee. read more

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What Our Clients Have To Say?

Kimberlee Ables
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Andrew Poincot
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
Margie Martinez
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!

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