What is the initial licensing fee for a principal office in the Mortgage Loan Recovery Fund?

What is the initial licensing fee for a principal office in the Mortgage Loan Recovery Fund?

• A. $250
• B. $300
• C. $500
• D. $200

Answer: (B)

The initial licensing fee for a principal office in the Mortgage Loan Recovery Fund is indeed $300. This fee is established as part of the regulatory framework that governs mortgage loan origination in Hawaii. The Mortgage Loan Recovery Fund serves as a consumer protection mechanism, providing recourse for borrowers in the event that a licensed mortgage loan originator fails to fulfill their obligations. The fee is crucial as it helps to ensure that the fund is adequately supported to fulfill its purpose, which includes covering claims made against mortgage professionals. Maintaining this fund requires a certain level of financial stability, which is reflected in the amount of the licensing fee. Understanding the correct fee is important for compliance with state regulations and for those seeking to operate within the mortgage industry in Hawaii.

The initial licensing fee for a principal office in the Mortgage Loan Recovery Fund is indeed $300. This fee is established as part of the regulatory framework that governs mortgage loan origination in Hawaii. The Mortgage Loan Recovery Fund serves as a consumer protection mechanism, providing recourse for borrowers in the event that a licensed mortgage loan originator fails to fulfill their obligations.

The fee is crucial as it helps to ensure that the fund is adequately supported to fulfill its purpose, which includes covering claims made against mortgage professionals. Maintaining this fund requires a certain level of financial stability, which is reflected in the amount of the licensing fee.

Understanding the correct fee is important for compliance with state regulations and for those seeking to operate within the mortgage industry in Hawaii.