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.
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
|South Dakota Mortgage Forms
||South Dakota Reciprocity States
- Most Mortgage forms can be obtained online. Ones listed below pertain to new
salespersons and brokers.
(as of 3/1/2010)
South Dakota Approved Mortgage Schools Prelicensing and Postlicensing Education
Abacus Mortgage Training
|Last Update: 3/1/2010
This list may not include all approved schools. Please visit the Division of Banking
website for the latest list of approved mortgage schools.