Does the state require a physical location within the state?
It is not necessary for a licensed mortgage lender to maintain a place of business in South Dakota.

Is there individual loan officer licensing?
Yes, mortgage loan originators must be registered with the State of South Dakota.

What are lenders, brokers and loan officers called?
The terms mortgage lender, mortgage broker and mortgage loan originator are used in the Mortgage Lender Business Act.

What is the cost of a license? Surety bond? Are there net worth requirements?

• The initial license/registration fee is $750 for a mortgage lender, $500 for a mortgage broker and $150 for a mortgage loan originator.
• The annual renewal fee is $500 for a mortgage lender, $350 for a mortgage broker and $75 for a mortgage loan originator.
• Mortgage broker companies cannot apply for licensure. Mortgage broker licensing is for individuals.
• Each requirement of the act is specific to the individual broker, including application and background investigation, work experience, surety bond, and continuing education requirements.
• Each license and registration will expire annually on December 31.
• The equivalent of two years of service under the supervision and direction of a licensed mortgage broker or mortgage lender, or another jurisdiction’s equivalent thereof, is required before that person is eligible to apply for a license.
• In the case of a mortgage lender, where the applicant is an entity, the person(s) responsible for conduct of business will need to meet the minimum experience requirement.
• A mortgage lender or broker applicant must provide a surety bond in the amount of $25,000.