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.

All South Dakota mortgage licenses are handled through the National Mortgage Licensing System. Prelicensing requirements include approved courses that are 20 or more hours and contain 3 hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus 12 or more hours of electives. This may be in addition to South-Dakota-required content. A minimum of eight hours per year of continuing education is required per year, per the SAFE act.

The licensing fee for NMLS for Loan Originators is $219. The licensing fee for a broker is $600.  Click on the links in the preceding sentences for more details about each license.  On an ongoing basis, NMLS will annually charge a processing fee of $100 per company license, $30 per individual mortgage loan originator license, and $30 each time a loan originator changes employment.