Division of Banking

The MU forms are no longer available. All applications and amendments must be submitted through NMLS.

BROKERAGE LICENSING INFORMATION
SDCL 54-14 defines a mortgage brokerage as any person engaged in placing mortgage loans with investors for a fee, but does not service such loans.

Under the requirements of the Federal SAFE Act and SDCL Chapter 54-14, Mortgage Loan Originators must work under the supervision of a licensed mortgage lender or mortgage brokerage. The application for a company license for those meeting the definition of a mortgage brokerage is available through the Nationwide Mortgage Licensing System (NMLS).

How to Access NMLS
In order to gain access to NMLS for the first time you must complete a Company Account Request Formand 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 only to be submitted 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 3 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, and (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 to Complete and Fees
Once you are able to access NMLS, you will need to submit the following MU Forms through NMLS to SD Division of Banking. Instructions and tutorials on how to complete these forms are available online at the website listed below.

Companies submit a Form MU1
Companies submit for each Control Person (such as an executive officer, owner, or director) a Form MU2, as part of their Form MU1 filing.
Submit Sponsorship filings for all Mortgage Loan Originators.

If you have submitted these forms in another state, then 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.

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 SDDOB 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 SDDOB they are forwarded to SD Division of Criminal Investigation (DCI) for processing. It can take up to 6-8 weeks to get the results of a criminal background check. Once the SD 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 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 31st. 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.

Amendments:

If at anytime the information which was submitted with the original NMLS filing changes, an amendment is required. The applicant must submit amendments using the NMLS. Instructions for specific amendments, including required documentation to be sent outside of NMLS is available HERE.

Costs
The application fee is $500, plus the NMLS processing fee of $100.
NMLS will annually charge a processing fee of $100 per company license, $30 per individual mortgage loan originator license, and $30 each time a loan originator changes employment, in addition to our annual renewal fee.

There are no other NMLS processing fees. These processing fees pay for NMLS operations, including licensee system access 362 days per year, ability to maintain, renew and run reports on your licenses, and call center support.

NMLS Website
The NMLS website provides step-by-step instructions on how to access the system, guides on how to complete the MU Forms, each state’s transition plans and requirements, tutorials, current and future participating states, system alerts, system processing fees and general background information.

The NMLS Call Center is available at (240)386-4444 to assist you with any questions about the NMLS.


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	The MU forms are no longer available. All applications and amendments must be submitted through NMLS. BROKERAGE LICENSING INFORMATION SDCL 54-14 defines a mortgage brokerage as any person engaged in placing mortgage loans with investors for a fee, but does not service such loans. Under the requirements of the Federal SAFE Act and SDCL Chapter 54-14, Mortgage Loan Originators must work under the supervision of a licensed mortgage lender or mortgage brokerage. The application for a company license for those meeting the definition of a mortgage brokerage is available through the Nationwide Mortgage Licensing System (NMLS). How to Access NMLS In order to gain access to NMLS for the first time you must complete a Company Account Request Formand 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 only to be submitted 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 3 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, and (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 to Complete and Fees Once you are able to access NMLS, you will need to submit the following MU Forms through NMLS to SD Division of Banking. Instructions and tutorials on how to complete these forms are available online at the website listed below. Companies submit a Form MU1 Companies submit for each Control Person (such as an executive officer, owner, or director) a Form MU2, as part of their Form MU1 filing. Submit Sponsorship filings for all Mortgage Loan Originators. If you have submitted these forms in another state, then 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. 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 SDDOB 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 SDDOB they are forwarded to SD Division of Criminal Investigation (DCI) for processing. It can take up to 6-8 weeks to get the results of a criminal background check. Once the SD 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 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 31st. 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. Amendments: If at anytime the information which was submitted with the original NMLS filing changes, an amendment is required. The applicant must submit amendments using the NMLS. Instructions for specific amendments, including required documentation to be sent outside of NMLS is available HERE. Costs The application fee is $500, plus the NMLS processing fee of $100. NMLS will annually charge a processing fee of $100 per company license, $30 per individual mortgage loan originator license, and $30 each time a loan originator changes employment, in addition to our annual renewal fee. There are no other NMLS processing fees. These processing fees pay for NMLS operations, including licensee system access 362 days per year, ability to maintain, renew and run reports on your licenses, and call center support. NMLS Website The NMLS website provides step-by-step instructions on how to access the system, guides on how to complete the MU Forms, each state’s transition plans and requirements, tutorials, current and future participating states, system alerts, system processing fees and general background information. The NMLS Call Center is available at (240)386-4444 to assist you with any questions about the NMLS.
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