diff --git a/Core/HLE/HLE.cpp b/Core/HLE/HLE.cpp
index 1e3566ed00..39cbd0f4ec 100644
--- a/Core/HLE/HLE.cpp
+++ b/Core/HLE/HLE.cpp
@@ -219,7 +219,7 @@ DisableHLEFlags AlwaysDisableHLEFlags() {
 	//
 	// sceFont is the odd one out: the module is on the disc like the others, but it reads its fonts
 	// from flash0:/font, so it is only usable with a firmware dump installed - see
-	// CheckDisableHLEAvailability, which puts the HLE back when those fonts aren't there.
+	// HLECheckModuleAvailability, which puts the HLE back when those fonts aren't there.
 	//
 	// sceParseUri and sceParseHttp are not here - those two are also in the firmware, and
 	// sceUtility can load them (modules 0x103 and 0x104), so unlike the rest a game may import them
@@ -348,7 +348,7 @@ static void hleDelayResultFinish(u64 userdata, int cycleslate) {
 // (Death Jr. has MPEG.PRX and LIBATRAC3PLUS.PRX under PSP_GAME/USRDIR/MODULES), and dropping the
 // flag for want of firmware would replace a perfectly good disc module with our HLE. Those check for
 // a real module at the point they would load one, and warn there if neither source has it.
-static void CheckDisableHLEAvailability() {
+void HLECheckModuleAvailability() {
 	g_unavailableDisableFlags = (DisableHLEFlags)0;
 
 	// libfont.prx/sceFont is shipped on game discs but reads its fonts from flash0:/font and has
@@ -375,7 +375,6 @@ static void CheckDisableHLEAvailability() {
 }
 
 void HLEInit() {
-	CheckDisableHLEAvailability();
 	RegisterAllModules();
 	// Latched lazily rather than here: the compat flags this depends on aren't loaded yet.
 	g_disableHLELatched = false;
diff --git a/Core/HLE/HLE.h b/Core/HLE/HLE.h
index 049d850a00..09f294b207 100644
--- a/Core/HLE/HLE.h
+++ b/Core/HLE/HLE.h
@@ -187,6 +187,7 @@ inline s64 hleDelayResult(s64 result, const char *reason, int usec) {
 }
 
 void HLEInit();
+void HLECheckModuleAvailability();
 void HLEDoState(PointerWrap &p);
 void HLEShutdown();
 const HLEFunction *HLEGetFunctionBeingCalled();
diff --git a/Core/HLE/sceKernelModule.cpp b/Core/HLE/sceKernelModule.cpp
index 35d4a9fe2f..60df845931 100644
--- a/Core/HLE/sceKernelModule.cpp
+++ b/Core/HLE/sceKernelModule.cpp
@@ -2171,6 +2171,9 @@ void __KernelLoadReset() {
 		HLEShutdown();
 		Replacement_Init();
 		HLEInit();
+		// LoadExec keeps the PSP filesystems mounted, so refresh the filesystem-dependent HLE
+		// availability state after rebuilding the basic HLE state.
+		HLECheckModuleAvailability();
 	}
 
 	__KernelModuleInit();
diff --git a/Core/System.cpp b/Core/System.cpp
index 62f75b570c..bd2c3bd2e3 100644
--- a/Core/System.cpp
+++ b/Core/System.cpp
@@ -506,6 +506,10 @@ static bool CPU_Init(FileLoader *fileLoader, IdentifiedFileType type, std::strin
 
 	DisplayHWInit();
 
+	// Initialize the HLE state before mounting filesystems. This includes the module tables and
+	// CoreTiming event needed by savestates, but does not inspect any filesystem paths.
+	HLEInit();
+
 	// TODO: Put this somewhere better?
 	if (!g_CoreParameter.mountIso.empty()) {
 		g_CoreParameter.mountIsoLoader = ConstructFileLoader(g_CoreParameter.mountIso);
@@ -518,12 +522,9 @@ static bool CPU_Init(FileLoader *fileLoader, IdentifiedFileType type, std::strin
 
 	MountFileSystems();
 
-	// Init all the HLE modules. After the mount, and after the firmware install above, so that the
-	// checks in HLEInit deciding whether a library can run its real module instead of our HLE can
-	// ask the PSP filesystem the way everything else does - and see a firmware this very boot just
-	// installed off the disc. Nothing between CoreTiming::Init above and here touches HLE, and the
-	// kernel and the game's modules both come later, in the switch below.
-	HLEInit();
+	// The module availability checks need the mounted PSP filesystem and the firmware installed
+	// above. Keep them after the mount, before any kernel or game module can be loaded.
+	HLECheckModuleAvailability();
 
 	// Game-specific settings are load from for example Load_PSP_ISO (which calls g_Config.LoadGameConfig).
 	// We can't do things that depend on these before the below switch. So for example, the adjustment of the GPU core