Consumers Should Check if Mortgage Loan Originator’s License Lapsed -- MLOs Have Time for Reinstatement
News Release from DCCA January 2, 2014
HONOLULU — Commissioner of Financial Institutions Iris Ikeda-Catalani today released a list of more than 300 mortgage loan originators (MLOs) and mortgage loan originator companies (MLOCs) that failed to renew their licenses and will be unable to lawfully process new mortgages.
The Department of Commerce and Consumer Affairs’ Division of Financial Institutions (DFI) licenses more than 1,500 MLOs and MLOCs in Hawaii.
The commissioner warned that consumers should check with their mortgage agent that they renewed their license in time with DFI. A mortgage processed by an MLO or MLOC without renewal will be considered unlicensed activity.
The outstanding MLOs and MLOCs have until Feb. 28, 2014, to renew their license in order to conduct business in Hawaii this year. A list of the MLOs and MLOCs that did not renew in time are posted on DFI’s website at: http://cca.hawaii.gov/dfi/.
Instructions on how expired licensees can apply for reinstatement can be found on DCCA’s YouTube channel at: http://www.youtube.com/DCCAHawaii; or at http://cca.hawaii.gov/dfi/2014-reinstatement-instructions/.
DFI ensures the safety and soundness of state-chartered and state-licensed financial institutions, and ensures regulatory compliance by state-licensed financial institutions, escrow depositories, money transmitters, mortgage servicers, mortgage loan originators and mortgage loan originator companies, by fairly administering applicable statutes and rules, in order to protect the rights and funds of depositors, borrowers, consumers and other members of the public.