South Dakota Mortgage License Requirements
Application Requirements to become licensed in South Dakota:
| Description | Requirement |
|---|---|
| Temporary Authority to Operate Eligible | Yes |
| Application Fee | $150.00 |
| License Registration Fee | $0.00 |
| NMLS Processing Fee | $35.00 |
| Sponsorship Fee* | $0.00 |
| Credit Report Required | $15.00 |
| Criminal Background Check Required | $36.25 |
| Testing Required | Yes, passing score of 75% or higher |
| SAFE MLO Test Cost | $110.00 |
| Work Remote Allowed | Yes |
*Note: A sponsorship request must be submitted by your employer. The Company must be licensed as a Mortgage Lender, Mortgage Broker, or Exempt Mortgage Company in South Dakota for the license to be approved.
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
If a SD licensee lets license lapse, then MLO has to apply for a new license that shows they have completed the PE education.
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 Department of Consumer Affairs Contact Info:
Phone: 605-773-3421
Website: banking.sd.gov
