Department of Labor and Regulation

Title - Banking

Mortgage Broker License Information — Application Process

Notice: All applications and amendments must be submitted through Nationwide Mortgage Licensing System (NMLS).

How to Access the Nationwide Mortgage Licensing System (NMLS)

Forms and Fees

Loan Originators

Application Review Process

How to Access NMLS

In order to gain access to NMLS for the first time you must complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator. This form can be submitted electronically through the NMLS website in the “Getting Started” section. This form needs to be submitted only once per company, regardless of the number of NMLS participating states in which you are licensed. IF YOUR COMPANY ALREADY HAS ACCESS TO NMLS, THEN YOU DO NOT NEED TO DO THIS STEP.

Once you complete and submit this form, the Primary Account Administrator will receive NMLS login information within three business days. The Primary Account Administrator for your company will have full rights to:

  1. Access the system.
  2. Submit information to this Agency and other participating state mortgage regulators.
  3. Set up other company users in the system.

Instructions and tutorials on how to access and use the System are also available on the NMLS website.

Forms and Fees

Once you are able to access NMLS, you will need to submit the following MU forms through NMLS to the South Dakota Division of Banking. Instructions and tutorials on how to complete these forms are available on the NMLS website.

  • Companies must submit Form MU1.
  • Companies must submit, for each Control Person (such as an executive officer, owner or director), a Form MU2, as part of their Form MU1 filing.
  • Companies must submit Sponsorship filings for all Mortgage Loan Originators.
  • If you have submitted these forms in another state, you do not need to re-enter your company records into NMLS. You will only need to identify the appropriate license type in South Dakota, complete a few state-specific fields and submit the filing.

Mortgage Broker Bond Form (in Adobe .pdf format*)

Loan Originators

Mortgage lender and brokerage licensees are allowed to use the services of a mortgage loan originator (MLO) that operates under the direct control and supervision of the licensee. All MLOs under a licensee’s supervision will need to be separately and individually licensed. They will need to apply for licensure using the NMLS. To determine if your employees need to be licensed you will need to determine if they meet the statutory definition of a mortgage loan originator. Lenders and brokerages are responsible for verifying that a mortgage loan originator is registered with the State of South Dakota before using their services.

Application Review Process

When a License Request filing is received through NMLS, the SDDOB will review it for completeness. We will send out SD specific fingerprint cards for all control persons who are required to complete the background check. We will not accept generic fingerprint cards. Fingerprinting must be done on the cards provided by our office — NO EXCEPTIONS.

The South Dakota Division of Banking will continue to review the information in the application while waiting for the fingerprint cards and other state specific requirements to be returned. Any deficiencies in the application will be communicated through the use of license items through NMLS. When we add a license item, the system will generate an email to the applicant instructing you to log into your NMLS record to view the license item request. Do not ignore these emails as failure to respond could result in the denial of an application.

Once the fingerprint cards are received by the Division of Banking they are forwarded to the South Dakota Division of Criminal Investigation (DCI) for processing. It can take up to eight weeks to get the results of a criminal background check. Once the DCI has the fingerprint cards, we cannot check on the status of the background check.

When we receive the results of the background checks, we will conclude our review of the application and notify the applicant of our decision. If the application is approved, a license will be issued immediately. If the application is denied, the applicant may appeal the decision under South Dakota Codified Law (SDCL) 1-26 within 30 days. The applicant will be notified of the appeal process at the time the decision is provided.

Renewal Information

All mortgage licenses expire on December 31. Renewal requests must be filed through NMLS by December 1st to avoid a late fee. Renewals will be handled through the NMLS. Correspondence containing instructions for renewal will be sent via the NMLS starting in October.

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Marcia Hultman, Secretary
700 Governors Drive
Pierre, SD 57501-2291
Tel. 605.773.3101
Fax. 605.773.6184