Division of Banking

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

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 National Mortgage Licensing System (NMLS). For more information about the NMLS, visit the NMLS Resource Center website.

Professional Requirements now required under the Federal SAFE Act--NEW

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.

GETTING STARTED:

STEP 1 – Speak with your Company
The NMLS is an official system of record so it is important that you coordinate your use of this system with your employer.

STEP 2 – Determine if your or your company is going to create and submit your record in NMLS
Either you or your company can complete your first Form MU4 in NMLS. The entity who creates the first Form MU4 will be the entity required to pay when it is submitted to the regulator(s). If your company is creating your first Form MU4, you should STOP here and wait for notification from your company.

STEP 3 – Getting Prepared
The following resources will help you prepare to use the NMLS:

Quick Guides
Quick and handy "How To" guides for key tasks.
Form MU4
Review a printable version to see what information will need to be gathered.
Tutorials
Interactive training tutorials on using NMLS.

STEP 4 – Create an Account
Before logging in to NMLS you will need to create an account. Click on the "Log in to NMLS" button above and then select “Create an Individual Account.” The Quick Guide: Creating an Individual Account will help walk you through setting up your account.

STEP 5 – South Dakota Specific requirements
Review the jurisdiction-specific requirements for South Dakota. You can print out a checklist of jurisdiction-specific requirements by going to the State Licensing Resource Page.

STEP 6 – Login & Complete or Review Your Record
You are now ready to login to NMLS. If your company is creating your first Form MU4, you should wait for notification from them that they have created it and sent it to you. Once they have sent it, you will now need to login to NMLS, review your Form MU4, and attest to its accuracy. Simple instructions on this procedure can be found on the Attestation Quick Guide.

If you are completing your first Form MU4, you should login to NMLS, identify the jurisdictions in which you are or would like to be licensed, complete Form MU4, pay any associated fees and submit it to the relevant regulator(s). Simple instructions on this procedure can be found here: Loan Originator Form MU4 Filing Quick Guide.

STEP 7 – Save your USER ID and Password!
You will need to access the NMLS whenever you change companies and at least once a year to update your record. Keep your User ID and Password in a secure place but not so secure that you forget it!

Application Review Process:
Applications will not be approved until all of the pre-requisites have been met including:

Passing the National SAFE test component
Passing the State SAFE test component
Completing 20 hours of pre-license education (PLE)
Completing a Criminal Background Check (CBC) request
Sponsorship filed by a licensed mortgage company
Authorization of a credit report (starting October 2010)

Renewal Information:
All mortgage licenses expire on December 31st. Renewal requests must be filed 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.

Continuing Education:
The current CE requirement for all mortgage licenses in South Dakota is 8 hours of approved continuing education. MLO licensees do not have to take additional CE hours in the same calendar year that they completed their 20 hours of PLE. A list of approved providers and courses can be found under the “Continuing Education” link in the right margin of this page. All continuing education must be completed prior to renewal.

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.


Consumer Info SD Banking Commission Info Banks & Trust Companies Money Transmitters Money Lenders Mortgage Lenders Mortgage Brokers Mortgage Loan Originators Home	Mortgage Loan Originators	Mortgage Loan Originator Links Laws Rules Continuing Education Search for a Licensee Guidance on Subprime Mortgage Lending Guidance on Non-traditional Mortgage Product Risks License Requirements SAFE Requirements Chart
	The MU forms are no longer available. All applications and amendments must be submitted through NMLS. 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 National Mortgage Licensing System (NMLS). For more information about the NMLS, visit the NMLS Resource Center website. Professional Requirements now required under the Federal SAFE Act--NEW 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. GETTING STARTED: STEP 1 – Speak with your Company The NMLS is an official system of record so it is important that you coordinate your use of this system with your employer. STEP 2 – Determine if your or your company is going to create and submit your record in NMLS Either you or your company can complete your first Form MU4 in NMLS. The entity who creates the first Form MU4 will be the entity required to pay when it is submitted to the regulator(s). If your company is creating your first Form MU4, you should STOP here and wait for notification from your company. STEP 3 – Getting Prepared The following resources will help you prepare to use the NMLS: Quick Guides Quick and handy "How To" guides for key tasks. Form MU4 Review a printable version to see what information will need to be gathered. Tutorials Interactive training tutorials on using NMLS. STEP 4 – Create an Account Before logging in to NMLS you will need to create an account. Click on the "Log in to NMLS" button above and then select “Create an Individual Account.” The Quick Guide: Creating an Individual Account will help walk you through setting up your account. STEP 5 – South Dakota Specific requirements Review the jurisdiction-specific requirements for South Dakota. You can print out a checklist of jurisdiction-specific requirements by going to the State Licensing Resource Page. STEP 6 – Login & Complete or Review Your Record You are now ready to login to NMLS. If your company is creating your first Form MU4, you should wait for notification from them that they have created it and sent it to you. Once they have sent it, you will now need to login to NMLS, review your Form MU4, and attest to its accuracy. Simple instructions on this procedure can be found on the Attestation Quick Guide. If you are completing your first Form MU4, you should login to NMLS, identify the jurisdictions in which you are or would like to be licensed, complete Form MU4, pay any associated fees and submit it to the relevant regulator(s). Simple instructions on this procedure can be found here: Loan Originator Form MU4 Filing Quick Guide. STEP 7 – Save your USER ID and Password! You will need to access the NMLS whenever you change companies and at least once a year to update your record. Keep your User ID and Password in a secure place but not so secure that you forget it! Application Review Process: Applications will not be approved until all of the pre-requisites have been met including: Passing the National SAFE test component Passing the State SAFE test component Completing 20 hours of pre-license education (PLE) Completing a Criminal Background Check (CBC) request Sponsorship filed by a licensed mortgage company Authorization of a credit report (starting October 2010) Renewal Information: All mortgage licenses expire on December 31st. Renewal requests must be filed 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. Continuing Education: The current CE requirement for all mortgage licenses in South Dakota is 8 hours of approved continuing education. MLO licensees do not have to take additional CE hours in the same calendar year that they completed their 20 hours of PLE. A list of approved providers and courses can be found under the “Continuing Education” link in the right margin of this page. All continuing education must be completed prior to renewal. 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.
	SD Home \| Dept of Labor & Regulation \| Feedback