What is the total additional fee for a mortgage loan originator who is 10 days late renewing his license?

What is the total additional fee for a mortgage loan originator who is 10 days late renewing his license?

• A. $200
• B. $250
• C. $300
• D. $350

Answer: (D)

The correct total additional fee for a mortgage loan originator who is 10 days late in renewing their license is $350. In many states, including Hawaii, late renewal fees are structured in a way that increases depending on how long the license has been expired. In this case, if the originator is only 10 days late, it typically incurs a specific late fee. In Hawaii, the total additional fee can reach $350 if the renewal is not completed within the stipulated time frame. Understanding these fees is essential for MLOs to maintain compliance and avoid the consequences of operating with an expired license, which can include fines and potentially losing the ability to work until the license is renewed. It’s important to stay informed about these regulations and ensure timely renewal to avoid such additional costs.

The correct total additional fee for a mortgage loan originator who is 10 days late in renewing their license is $350.

In many states, including Hawaii, late renewal fees are structured in a way that increases depending on how long the license has been expired. In this case, if the originator is only 10 days late, it typically incurs a specific late fee. In Hawaii, the total additional fee can reach $350 if the renewal is not completed within the stipulated time frame.

Understanding these fees is essential for MLOs to maintain compliance and avoid the consequences of operating with an expired license, which can include fines and potentially losing the ability to work until the license is renewed. It’s important to stay informed about these regulations and ensure timely renewal to avoid such additional costs.