Hawaii Mortgage Servicer Bond
Flat Rate
Mortgage servicers in the state of Hawaii must post and maintain a $100k surety to obtain their license.
| Bond Amount Required | Bond Term | Annual Premium |
| $100,000 | 1 | $600 |
Overview
Hawaii's mortgage servicer bond requirements mandate that individuals or entities engaged in mortgage servicing activities must obtain a surety bond to ensure compliance with state regulations. The bond amount of $100,000 is the coverage limit that the bonding company will pay out in case the mortgage servicer violates any regulations or contractual obligations.
This bond aims to protect consumers and the state from potential financial harm caused by the licensee. The bond also serves as a form of financial security, holding mortgage servicers accountable for their actions and providing a way for affected parties to seek compensation in case of any wrongdoing. The NNA has secured a $600 flat rate for all Hawaii mortgage servicers.