This license is required for any company (including a sole proprietorship) 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.
This license is required for any company (including a sole proprietorship) engaged in placing loans with investors for a fee, but does not service such loans.
This license is for any individual 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.
Exempt Mortgage Company Registration
This registration is optional and may be held by any company which is exempt from licensure under South Dakota Codified Law (SDCL) 54-14-21 but employs individuals required to hold a Mortgage Loan Originator License under SDCL 54-14-13.
Companies registering through the Nationwide Mortgage Licensing System & Registry (NMLS) with the South Dakota Division of Banking must agree to abide by NMLS requirements, including attesting to the accuracy of the information submitted, agreeing to keep it updated through NMLS, and annually renewing the registration through the NMLS Streamlined Renewal Process.
Under SDCL 54-14, several carve-outs allow certain entities or individuals to be exempted from the requirements of this Chapter. Please refer to SDCL 54-14-20 through 54-14-22 to determine eligibility for exemptions.
Nationwide Mortgage Licensing System & Registry (NMLS)
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.
Other Important Links
If you cannot find the information you are looking for among the topics listed in the left-hand menu or through one of the options above, please contact us.
Division of Banking
South Dakota Department of Labor and Regulation
1601 N. Harrison Avenue, Suite 1
Pierre, SD 57501
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700 Governors Drive
Pierre, SD 57501-2291