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Do South Dakota Mortgage Brokerage Companies Need a Bond?

A

South Dakota requires that Mortgage Lenders, Mortgage Brokerage Companies or Exempt Mortgage Company Registration meet state requirements and have a bond as a condition of licensure.

Applicants must apply for licensure through the National Mortgage Licensing System (NMLS).

This includes completing the license application, paying any applicable fees, pass a state and federal background check, providing financial documents including a business plan, organizational chart and management chart, and obtaining a surety bond.

The bond amount is determined by the dollar amount of loans originated by the licensee, and will be no less than $25,000. The initial year bond requirement is $25,000 unless the applicant had prior year loan origination volume in South Dakota.

Applicants with prior year loan volume are required to have a bond as follows:

$0- $25,000,000 =Bond Amount $25,000

$25,000,000 - $100,000,000 =Bond Amount $35,000

$100,000,000+ =Bond Amount $50,000

How Much Will This Bond Cost?

The premium that you pay for a South Dakota Mortgage Company Bond is based on credit and the bond amount required.

Have Questions?

Contact our Surety Bond Specialists at:

Phone: 1‑844‑432‑6637
Emailinfo@suretygroup.com
Fax:     404-351-3237
Hours: 8:00-5:00 CST, Monday through Friday



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