Is a license required? Yes. Hawaii Statute 454-1 states that mortgage broker means “a person not exempt under section 454-2 who for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly makes, negotiates, acquires, or offers to make, negotiate, or acquire a mortgage loan on behalf of a borrower seeking a mortgage loan” State regulators interpret this to include loan modification. The only available source of Hawaii statutes online is through the legislature website, which is in a file format that cannot be copied. It is linked to below.
State specific loan modification law? None.


Advantages of becoming a licensed Mortgage Broker? Mandatory. There is no alternative.
Penalties for operating in the state without a license: 454-8 states that “Violation of this chapter shall be punishable by a fine of not more than $1,000 or imprisonment of not more than one year, or both. Any contract entered into by any person with any unlicensed mortgage broker or solicitor shall be void and unenforceable”
Is an advanced fee permitted? There is no specific prohibition in Hawaii law on advance fees.
Is a written agreement required? 454-3.1 states what must be in a written agreement but does not actually require that there be a written agreement.


Other noteworthy information? The state regulators seem to give very little oversight to loan modification, despite licensing it. While many states seem very hostile to loan modification services, Hawaii does not.
Hawaii Statutes Ctrl + Click Here

HRS 454 :

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License application:

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