Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of South Dakota or anyone looking to become a mortgage broker in South Dakota.
The South Dakota Department of Revenue and Regulation,
Division of Banking, regulates and supervises all aspects of the
Mortgage Broker License in South Dakota. The Mortgage Broker License allows the holder to be an intermediary between lenders and a borrower so the borrower may obtain a mortgage loan, and also to place loans with investors for their consideration.
A non-refundable fee not to exceed $500 accompanies the application, and the annual license fee is $500. Acting as a Mortgage Broker without having a license in South Dakota is a Class 2 misdemeanor. However, those choosing to
become a Mortgage Broker in South Dakota do not have to maintain a physical office in the state.
Those who have sought a Mortgage Broker career in South Dakota have chosen not to be an affiliate of the National Association of Mortgage Brokers (NAMB), www.namb.org.
We also offer information and resources for South Dakota Commercial Mortgage