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Banking

Mortgage Lender License Information

South Dakota Codified Law (SDCL) 54-14 defines a mortgage lender as “any person who, for valuable consideration, originates, sells, or services mortgages, or holds himself, herself, or itself out as a person who, for valuable consideration, originates, sells or services mortgages, other than those exempt pursuant to SDCL 54-14-21.”

Any person or entity meeting this definition must apply for licensure as a mortgage lender and apply for amendments using the Nationwide Multistate Licensing System (NMLS) website (see button below).

Application Process

Amendments

Costs

Exception for Nonresidential Mortgage Lenders

Pursuit to South Dakota Codified Law (SDCL) 54-14-13.5, any company lending money for ONLY nonresidential mortgage loans must hold a mortgage lending license but is exempt from using the NMLS and other provision of SDCL 54-14. Any person or entity meeting this definition must apply for licensure as a mortgage lender using the Non-Residential Mortgage Lender License Application form and instructions (Adobe PDF format).

Resources for All Mortgage Lender Licensees

Renewal Information

Mortgage Lender Bond Form (Adobe PDF format)

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