South Dakota Mortgage Broker Bond
Mortgage brokers in South Dakota must file an electronic surety bond in the NMLS system in the amount required based upon their funded volume. The bond amount varies according to the following scale:
| Aggregate Loan Amount | Bond Amount Required | Annual Premium |
| $0 - $25,000,000 | $25,000 | $150 |
| $25,000,001-$100,000,000 | $35,000 | $210 |
| $100,000,001+ | $50,000 | $300 |
Overview
In South Dakota, mortgage brokers are required by the Division of Banking to obtain a mortgage broker bond in the amount of $25,000, $35,000, or $50,000 as part of the licensing process. The bond is a financial safeguard for clients and the state against any losses caused by the licensee. The bonding company issuing the bond usually assesses the broker's financial history and creditworthiness. The NNA has secured a premium of $6 per $1,000 in liability for all South Dakota mortgage brokers without a credit check.
The Simple Bonding Process
View your price or request a free quote
Discover unbeatable value with coverage options tailored to your needs.
Sign your contract and pay the premium
Seal the deal and ensure protection and peace of mind for your business.
Receive your surety or fidelity bond
Expect a speedy turnaround. Our typical turnaround time is 24 hours or less.
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