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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 National Mortgage Licensing System (NMLS) website (see button below).
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
Mortgage Lender Bond Form (Adobe PDF format)
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