Banking
Mortgage Loan Originator License Information
Notice: All applications and amendments must be submitted through the Nationwide Multistate Licensing System (NMLS).
South Dakota Codified Law (SDCL) 54-14 defines a mortgage loan originator as any individual acting under the supervision of a licensee and who, for compensation or gain or in the expectation of compensation or gain takes a mortgage loan application or offers or negotiates terms of a mortgage loan.
Any person or entity meeting this definition must apply for licensure as a mortgage lender using the Nationwide Multistate (NMLS) available by clicking the button below. For more information about the NMLS, visit their website.
For professional requirements now required under the Federal Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act, visit the NMLS website.
Exemptions: Who does not need this license?
Exemptions: Who does not need this license?
- An individual who is employed by a licensed mortgage company and is engaged solely as a loan processor or underwriter.
- An individual or entity that performs only real estate brokerage activities and is licensed or registered in accordance with applicable South Dakota law, unless the individual or entity is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator; or
- Any individual or entity solely involved in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C. § 101(53D) as of January 1, 2009.
- Any individual who offers or negotiates terms of a mortgage loan with or on behalf of an immediate family member of the individual;
- Any individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual's residence; or
- A licensed attorney who negotiates the terms of a mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a lender, mortgage brokerage, mortgage broker, or other mortgage loan originator or by any agent of the lender, mortgage broker, or other mortgage loan originator.
- Any registered mortgage loan originator, if acting for a depository institution, is exempt from the provisions of this chapter.
Renewal Information
All mortgage licenses expire on December 31. Renewal requests must be filed by December 1 to avoid a late fee. Renewals will be handled through the Nationwide Multistate Licensing System (NMLS).
Continuing Education
The current continuing education requirement for all mortgage licenses in South Dakota is eight hours of approved continuing education. Mortgage Loan Originator licensees do not have to take additional continuing education hours in the same calendar year they completed their 20 hours of pre-licensure education. View a list of approved providers and courses. All continuing education must be completed prior to renewal.
Amendments
If at any time the information which was submitted with the original Nationwide Multistate Licensing System (NMLS) filing changes, an amendment is required. The applicant must submit amendments using the NMLS. View instructions for specific amendments, including required documentation to be sent outside of NMLS.
Costs
If at any time the information which was submitted with the original Nationwide Multistate Licensing System (NMLS) filing changes, an amendment is required. The applicant must submit amendments using the NMLS. View instructions for specific amendments, including required documentation to be sent outside of NMLS.
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