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South Dakota Mortgage Broker Company Surety Bonds

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South Dakota requires that mortgage lenders, brokers, mortgage brokerage companies or exempt mortgage company registration meet the Department of Labor & Regulation, Division of Banking requirements and have a bond as a condition of licensure. The surety bond ensures compliance of state laws and the duties performed in an honest and ethical manner.

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

Surety Bond and License Requirements:

  1. Complete 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.
  2. Obtain a surety bond. The surety 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 surety bond requirement is $25,000 unless the applicant had prior year loan origination volume in South Dakota.
  3. Applicants with prior year loan volume are required to have a bond as follows:
  • $0- $25,000,000 =Surety Bond Amount $25,000
  • $25,000,000 - $100,000,000 =Surety Bond Amount $35,000
  • $100,000,000+ =Surety Bond Amount $50,000

    • How Much Will a South Dakota Mortgage Company Bond Cost?

    The premium that you pay for a South Dakota Mortgage Brokerage Company Surety Bond is based on credit and the bond amount required. Premiums start at .75% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific bonding needs.

    Related Links

    South Dakota Mortgage Broker Information
    South Dakota NMLS Mortgage Broker License Requirements

    More Surety Bond Questions?

    Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.

    DownloadApplication

    For a downloadable application