South Dakota
Mortgage Broker, Lender, or Company Registration Bond

400,000+ Bonds issued to 250,000+ satisfied customers.

Coverage Amount: $25,000 - $50,000
Term Length: 1 year
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How much does a South Dakota mortgage company bond cost?

South Dakota mortgage company bond costs start at $187.50 annually. Your personal premium will be provided after a quick application review based on your South Dakota mortgage license type and annual loan volume.  

How do I get a mortgage broker, lender, or company registration bond in South Dakota? 

You can apply for your South Dakota mortgage broker, lender, or company registration bond online 24/7. Simply select the license type and bond amount required for your annual loan volume and provide your name and NMLS ID license number for Division of Banking and NMLS filing approval. Once your order has been processed, SuretyBonds.com will electronically file your official mortgage bond directly with the NMLS. 

How fast can I get a mortgage broker, lender, or company registration bond? 

Our industry-leading technology and responsive customer service team allow us to file your official South Dakota mortgage broker, lender, or company registration bond directly with the NMLS faster than any other surety provider. Orders placed by 4 PM CST Monday-Friday are typically processed and filed same-day.

If you have questions about South Dakota mortgage license bonds or your application, call 1(800)308-4358 to speak with a friendly surety expert. We're here to guide you through the mortgage bond process so you can get back to running your business.

Bond Type
$25,000Mortgage Broker BondNew application OR loan volume is $0 - $25,000,000
$35,000Mortgage Broker BondLoan volume is $25,000,001 - $100,000,000
$50,000Mortgage Broker BondLoan volume is $100,000,001+
$25,000Mortgage Lender BondNew application OR loan volume is $0 - $25,000,000
$35,000Mortgage Lender BondLoan volume is $25,000,001 - $100,000,000
$50,000Mortgage Lender BondLoan volume is $100,000,001+
$25,000Exempt Mortgage Company Registration BondLoan volume is $0 - $25,000,000
$35,000Exempt Mortgage Company Registration BondLoan volume is $25,000,001 - $100,000,000
$50,000Exempt Mortgage Company Registration BondLoan volume is $100,000,001+

What is a South Dakota mortgage broker, lender, or company registration bond? 

South Dakota Codified Law Chapter 54-14-24 requires individuals file a surety bond with their mortgage broker, lender, or exempt mortgage company license application. The state's official bond form is titled “SURETY BOND (South Dakota)” but is more commonly known as the “mortgage broker bond,” “mortgage lender bond,” or “mortgage company registration bond.” This South Dakota surety bond form specifically requires that a licensed mortgage broker, lender, or company and its employees faithfully conform to South Dakota Codified Laws and all other rules, regulations, and orders enforced by the Division of Banking.

Mortgage companies exempt from licensing that employ mortgage loan originator licensees that register with the NMLS must file an exempt registration bond.

Why do I need a South Dakota mortgage license bond?

You must file a surety bond to be legally licensed as a mortgage broker, lender, or mortgage company in South Dakota. By filing your South Dakota surety bond with the NMLS, you agree to comply with South Dakota Codified Laws and other Division of Banking laws while providing mortgage loan service in the state. If you fail to do so, your issuing surety company will pay valid claims up to your full bond amount, which you must reimburse.

Who regulates licensing for mortgage professionals in South Dakota? 

The South Dakota Division of Banking enforces licensing requirements for mortgage professionals working in the state. You can contact the Division by calling 1(605)773-3421 or emailing [email protected]

The South Dakota Division of Banking requires this bond for state mortgage licensing compliance. If you work as a mortgage professional in other states, we also offer mortgage industry license bonds nationwide. 

What factors determine how surety bonds for mortgage brokers are calculated in South Dakota? 

Your required South Dakota surety bond amount will be based on your annual loan volume. 

  • If you're a new applicant or your loan volume is up to $25 million, you need a $25,000 bond amount.
  • If your loan volume is between $25,000,001 and $100 million, you need a $35,000 bond amount.
  • If your loan volume is more than $100 million, you need a $50,000 bond amount.

How do I update or change my mortgage bond form or NLMS filing?

If the South Dakota Division of Banking requires your bond to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your licensee name or address to match your electronic NMLS filing.

How do I renew my mortgage broker, lender, or company registration bond? 

You must renew your South Dakota mortgage loan broker, lender, or company registration bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active for your next South Dakota mortgage license term. 

How do I get my mortgage license in South Dakota?

Complete the steps below to apply for your South Dakota mortgage license through the Nationwide Multistate Licensing System (NMLS). 

  1. Select the license type you are applying for: mortgage lender license, mortgage broker license, or exempt mortgage company license
  2. Pay all application fees. 
  3. Provide a credit report, which costs $15 per person (not required for company registration).
  4. Complete a background check, which costs $36.25 per person (not required for company registration).
  5. File your electronic surety bond in the correct required amount.
  6. Submit all required documentation.

What can South Dakota mortgage brokers do to avoid claims against your bond?

Avoid claims against your South Dakota surety bond by complying with all South Dakota Codified Laws and all other Division of Banking regulations while working as a mortgage professional in the state. Remember, you'll be required to reimburse any claims your surety company pays as a result of your noncompliance.

Call 1 (800) 308-4358 to talk with a Surety Expert