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How to Get an NMLS Mortgage License in Hawaii
If you live in the state of Hawaii and have looked into a career as a mortgage loan officer, the first question you might ask is “how do I get a mortgage license in Hawaii?” This guide will tell you exactly how to do it. If you are wondering how to become a mortgage loan originator and get an NMLS license Hawaii is a great state to start.
A mortgage loan originator, or mortgage loan officer, helps prospective homebuyers obtain a residential mortgage loan. The mortgage business is a fast-paced industry with plenty of opportunities for an up-and-coming mortgage loan originator.
In order to become a licensed mortgage loan originator in Hawaii, you will have to complete the steps which are outlined below.
Obtaining a mortgage license and becoming a mortgage loan originator involves a simple process in which you will need to create an NMLS account, complete your state-specific education requirements, take and pass a National exam, complete a background check, submit your Hawaii state mortgage application, and finally connect your employer to your NMLS account. All license applicants must go through this process. Once these six steps have been completed, you're well on your way to obtaining your mortgage loan originator license.
Additionally, you should consider the costs, education requirements, and other factors discussed in this guide that go into becoming a loan officer in the state of Hawaii.
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Step 1 |
Step 2 |
Step 3 |
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Apply For Your NMLS Account and ID Number |
Complete Your NMLS Pre-License Education |
Need to Pass the SAFE MLO National Test |
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The first step to obtaining your Hawaii mortgage license is applying for an NMLS account and ID number. To do so, go to the NMLS website. |
Once you’ve created your NMLS account, it’s time to complete your pre-license education. Hawaii requires the 20-hour (17 hours & 3 hour elective) SAFE pre-licensure education course. |
With your education complete, you need to schedule an appointment for the National Test Component exam. Find out more on how to take your NMLS test here. Also check out the NMLS MLO testing handbook. |
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Step 4 |
Step 5 |
Step 6 |
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Complete Background Checks and Pay All Fees |
Apply for Your Hawaii Mortgage License |
Associate Your NMLS Account with Your Employer |
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To finalize your application and receive your license, you will need to pay several non-refundable fees and get a background check. Find out more about how to complete your background check here. |
After receiving a passing score on your NMLS mortgage exam, you need to apply for your Hawaii mortgage loan originator license. You can find more information on this step here. |
Your license will still be pending in Hawaii until you have an employer sponsorship, which lets the government know that an employer is supervising your individual license. Learn how to associate your NMLS account with your employer here. |
The Value of a Hawaii Mortgage License
A mortgage license allows mortgage loan originators to help prospective homebuyers obtain residential mortgage loans when they purchase residential real estate. That begins with completing a residential mortgage loan application, which cannot be completed without first being licensed.
Ask yourself, what do you want out of a career? If you’re like others who hold an NMLS license in the state of Hawaii, you want to have a significant impact on people in your community and state. As a mortgage lender, you want to serve them in something important: making the largest purchase of their lives. If you have a sociable personality and a love of learning, your career will be filled with variety, excitement, and passion.
But how do you get through the process and complete every detail? Mortgage Educators has guided many others like you to an NMLS license. Our education bundles—taking you through your combined 20 hours of test-preparation classes—and practice tests simplify the process and get you ready for your exam. We are committed to helping you being the license application process and start your career as quickly and efficiently as you can.
Hawaii Frequently Asked Questions
In an effort to curb the predatory lending practices that led to the demise of the housing and residential mortgage industry in 2008, the Secure and Fair Enforcement (SAFE) which was a new federal law which created regulatory practices for loan officers. for Mortgage Licensing Act (SAFE) was enacted. This opened up a world of opportunity to those driven to attain an MLO license and then work hard to match people with loan products. Every state has a unique set of Nationwide Multistate Licensing System (also known as the Nationwide Mortgage Licensing System or NMLS) requirements concerning mortgage education to obtain a mortgage loan originator license. New mortgage loan originators are required to complete a 20-hour NMLS course, which is standard across the country. Obtaining a Hawaii mortgage loan originator license requires 20 total hours of pre-license education. After completing your mortgage education courses, you are required to take and pass an NMLS mortgage licensing exam. This ensures that you understand the laws and regulations that a mortgage company and mortgage loan officer are held to. In addition to mortgage license education, Mortgage Educators also offers exam prep to help you prepare for the exam. When applying for your Hawaii residential mortgage lending license, loan officers will need to complete a criminal background check, have a mortgage company identified that they will work for, and have a credit report completed.
| Topic | Hours Required |
|---|---|
| Fair Lending, Ethics, Fraud, and Consumer Protection | 3 Hours |
| Federal Laws and Regulations | 3 Hours |
| Non-Standard Lending | 2 Hours |
| Undefined Electives | 9 Hours |
| Hawaii Specific Education | 3 Hours |
| Total 20 Hours | |
If you complete the required 20 hours of education but do not obtain your license for a 3-year period, you'll need to repeat the coursework. The same applies if you let your license lapse for 3+ years before you want to get back into the industry.
A “mortgage broker” refers to an individual or an organization that connects consumers to obtain a residential mortgage loan from a variety of companies. Mortgage brokers frequently employ loan officers who hold mortgage licenses. Mortgage brokers connect homebuyers with different financial institutions to obtain a mortgage loan and negotiates terms of the loan for the consumer.. In contrast, a loan officer is an employee who regularly works with borrowers and provides loans that are originated by their employer. Brokers and loan officers need different types of licenses. A loan processor is an individual who assists the loan officer through the origination process by gathering documents, verifying income, and preparing the loan for underwriting. While these are crucial steps to the mortgage lending process, they are not activities that require an individual to hold a mortgage license. Typically, these types of lenders are not a mortgage servicer, and once the loan is originated, it is transferred to a long-term mortgage servicer. Additionally, a mortgage lender that works for a financial institution like a bank or a credit union is not required to obtain a mortgage lending license. Typically, these institutions also double as mortgage servicers and keep the loans in-house. Financial institutions are overseen by a separate entity from the NMLS.
Earning your mortgage broker license in Hawaii should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in Hawaii:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| Hawaii License Fee | $200 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| Total License Cost | $281.25 |
On an annual basis, Hawaii MLO license holders must complete 8 total hours of Comprehensive Continuing Education that must cover:
| Topic | Required Hours |
|---|---|
| Federal Regulations and Law | 3 Hours |
| Ethics, including consumer protection, fair lending | 2 Hours |
| Non-Traditional mortgage lending | 2 Hours |
| Hawaii Specific Education | 1 Hour |
Remember to take into account the “successive years” rule, which prohibits loan officers from taking the same CE course two years in a row.
Mortgage Educators changes its continuing education course annually to ensure there are no issues with the successive years rule.
The deadline to complete CE in Hawaii is December 31st. MLO's in Hawaii are actually prevented from applying for license renewal until they have completed their CE.
Mortgage Educators and Compliance is here to answer any additional questions you may have regarding your Hawaii mortgage license. If you want to become a loan officer and pursue mortgage licenses in additional states, we can help you with those requirements as well. For additional questions, feel free to call us at 801-676-2520 or email us at [email protected].
