Hawaii Expands Authority to Investigate Mortgage Servicers, Increases Servicer Licensing Fees

Mortgage Servicing

On June 3, Hawaii enacted SB 1070, a bill related to the supervision and licensing of mortgage servicers. The bill grants the Commissioner of Financial Institutions additional authority to conduct investigations and examinations of mortgage servicers. The bill allows the Commissioner to (i) subpoena or otherwise obtain access to servicer accounts, records, documents and other information; (ii) hire investigations staff and retain outside consultants, and (iii) charge examination or investigation fees and expenses. The bill also increases initial servicer application fees from $500 to $675 and renewal fees from $250 to $425. The bill took effect immediately.