HONOLULU, Hawaii – More than 300 mortgage loan originators (MLOs) and mortgage loan originator companies (MLOCs) failed to renew their licenses and will be unable to lawfully process new mortgages in the state of Hawaii, according to the Department of Commerce and Consumer Affairs.
Commissioner of Financial Institutions Iris Ikeda-Catalani released a list of the companies on Monday. The DCCA Division of Financial Institutions licenses more than 1,500 MLOs and MLOCs in Hawaii.
From a DCCA media release:
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/.
The video shown above was produced by the DCCA and published to YouTube in order to instruct expired licensees on how to apply for reinstatement.
by Big Island Video News
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STORY SUMMARY
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.