South Dakota Mortgage License Requirements
Learn about the South Dakota mortgage education requirements for mortgage licensing.
In the state of South Dakota, mortgage loan originators are required to:
- Complete a Criminal Background Check (CBC).
- Authorize a credit report through the NMLS.
- Fulfill all state and federal education requirements as designated by your state agency.
- Take and pass a National Test.
- Must be employed and sponsored through NMLS by a licensed mortgage lender or mortgage brokerage licensee or a registered exempt mortgage company.
South Dakota NMLS Pre-Licensing Education Requirements:
New state-licensed MLOs are required to complete 20 hours of NMLS-approved education. This includes:
- 3 hours of federal law
- 3 hours of ethics
- 2 hours of non-traditional mortgage lending training
- 12 hours of electives
Note: Individuals who fail to maintain an active, valid license for at least 3 years must satisfactorily complete the twenty (20) hours of pre-licensing education within the three (3) year period immediately preceding the date of application for licensure.
South Dakota Continuing Education Requirements:
State-licensed MLOs are required to complete 8 hours of NMLS-approved mortgage education annually beginning the year they are licensed (unless PE was completed in the same year). This includes:
- 3 hours of federal law
- 2 hours of ethics
- 2 hours of non-traditional mortgage lending
- 1 hour of electives
MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row.
South Dakota Mortgage Licensing:
- South Dakota Department of Consumer Affairs
- Phone: 605-773-3421
- Email: banking@state.sd.us
- Website: banking.sd.gov
NMLS Resources:
- South Dakota MLO License Description Page
- Professional Standards: Mortgage Education
- Professional Standards: Criminal Background Check
- Professional Standards: Credit Report
- Professional Standards: MLO Testing