Haw. Code R. § 16-178-3 - Fee calculation
(a) The SMRF shall
be an amount equal to one-tenth of one per cent of the stated principal amount
of the debt secured by the mortgage or, in the case of an amendment of a
mortgage, one-tenth of one per cent of the increase of the stated principal
amount of the debt, if any. For example:
(1)
For a mortgage securing a debt of $250,000, the calculation would be:
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(2) For an
amendment to a mortgage increasing the secured debt from $150,000 to $200,000,
the calculation would be:
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(b) For a home equity loan or other open-end
revolving loan secured by a mortgage, the SMRF shall be calculated on the
maximum amount which may be borrowed under the loan.
(c) If a mortgage recites the full amount of
the debt, but does not specify that the mortgage secures only a portion of the
debt, the SMRF shall be calculated on the full amount of the debt. If a
mortgage specifies that the mortgage secures only a portion of a debt, the SMRF
shall be calculated on the amount specified as being secured by the mortgage.
For example, where a business obtains a $500,000 loan, secured by certain
assets, including a leasehold interest which has a minimal value, if the
mortgage of the lease states that the mortgage secures $100,000 of the $500,000
loan, the SMRF for that mortgage shall be calculated on $100,000.
(d) A refinancing occurs when an existing
debt is extinguished and a new loan is made. When a loan is refinanced, the new
mortgage shall be subject to the SMRF. The SMRF shall be calculated on the
entire amount of the debt secured by the new mortgage.
(e) If a mortgage states the amount of the
secured debt, and also includes a reference to the maximum amount of additional
protective advances which the lender may, but is not obligated to, make to
protect its interests (e.g., for taxes, insurance, and lease rent), the SMRF
shall be calculated only on the debt and not on the maximum amount of
protective advances.
(f) When a
mortgage secures a non-monetary or inchoate obligation, the SMRF shall be
calculated on a dollar value which the mortgagee attributes to the non-monetary
obligation.
(g) If the debt is
stated in a foreign currency and is not stated in U.S. dollars, the debt shall
be converted to U.S. dollars, using an exchange rate as published in the
foreign exchange section of the money section of The Honolulu Advertiser, and
which was in effect within one week prior to recordation of the
mortgage.
Notes
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