South Dakota Mortgage Broker Bond
Flat Rates & No Credit Check
| Bond Amount Required | Bond Term | Annual Premium |
| $25,000 | 1 Year | $150 |
| $35,000 | 1 Year | $210 |
| $50,000 | 1 Year | $300 |
South Dakota mortgage brokers must maintain a surety bond as part of their licensing requirements. The required bond amount is based on the dollar amount of mortgage loans originated, brokered, or serviced with respect to South Dakota property during the preceding calendar year and ranges from $25,000 to $50,000.
Cost of the South Dakota Mortgage Broker Bond
The supplied cost of the $25,000, $35,000 or $50,000 South Dakota Mortgage Broker Bond is $150, $210 or $300, respectively, for a one-year term with NNA Surety.
How the South Dakota Mortgage Broker Bond Works
The South Dakota Mortgage Broker Bond helps ensure that licensed mortgage brokers faithfully perform their obligations under South Dakota mortgage law and pay covered amounts due to the State or other persons.
The bond involves three parties:
Principal: Licensed South Dakota mortgage broker
Obligee: State of South Dakota
Surety: Bonding company
A claim against the bond may arise from covered violations or unpaid obligations secured by the bond. The principal is responsible for reimbursing the surety for valid covered claims paid.
How to Get the South Dakota Mortgage Broker Bond
Follow these simple steps to get bonded with NNA Surety:
- Complete this short online application.
- Select the required bond amount based on your applicable South Dakota mortgage loan volume and pay the corresponding premium.
- Receive the required bond documentation.
- File and maintain the bond as required for your South Dakota mortgage broker license.
Learn more about South Dakota surety bond options.
Secure Your South Dakota Mortgage Broker Bond
Keep your South Dakota mortgage broker licensing requirements on track by securing the appropriate bond with NNA Surety. Complete this form or call 855-215-2160 to get bonded.