South Dakota requires that Mortgage Lenders, Mortgage Brokers, Mortgage Brokerage or for Exempt Mortgage Company Registration file a South Dakota Mortgage Company 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, a business plan, organizational chart, management chart and obtain a surety bond.
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
Premium for the South Dakota Mortgage Company, Mortgage Lender, Mortgage Broker bond is based on credit and bond amount required.
We have been underwriting surety bonds for over 35 years, and we offer bonds for individuals and businesses of every size.
Our team of experienced surety specialists and in-house underwriting authority gives us a unique advantage over other surety companies. We are able to offer competitive, low rates, quick approvals and immediate bond delivery. In most cases we can approve your application today and deliver your bond tomorrow.
Hours: 8:00-5:00 CST, Monday through Friday