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Mortgage licensing / South Dakota

South Dakota Mortgage Lender License

company licence · NMLS SDLENDER_C · DOB

Requirements (17)

  1. Step 1

    Other Trade Name: If operating under a name that is different from the applicant’s legal name, that name (“Trade Name”, “Assumed Name” or “DBA”) must be listed under the Other Trade Names section of the Company Form (MU1). South Dakota does not limit the number of other trade names. If operating under an “Other Trade Name”, upload STATE OF SOUTH DAKOTA Doing Business As (DBA) Fictitious Business Name Registration from the South Dakota Secretary of Stateregarding ability to do business under that trade name. This document should be named SD Mortgage Lender Trade Name – Assumed Name.

    Submitted via: NMLS Upload in NMLS: under the Document Type Trade Name/Assumed Name Registration Certificates in the Document Uploads section of the Company Form (MU1).

  2. Step 2

    Resident/Registered Agent: The Resident/Registered Agent must be listed under the Resident/Registered Agent section of the Company Form (MU1) and must match the information currently on record with South Dakota Secretary of State.

    Submitted via: NMLS

  3. Step 3

    Approvals and Designation: Enter the company’s: • Federal Housing Administration (FHA) Approval • Ginnie Mae approved Issuer/Servicer • Fannie Mae approved Seller/Servicer • Freddie Mac approved Seller/Servicer • Veterans Administration (VA) Approved Lender • Guaranteed Rural Housing (GRH) Approval Confirmation Number and Filing Date in the Approvals and Designation section of the Company Form (MU1).

    Submitted via: NMLS

  4. Step 4

    Credit Report: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

    Submitted via: NMLS

  5. Step 5

    MU2 Individual FBI Criminal Background Check Requirements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

    Submitted via: NMLS

  6. Step 6

    Electronic Surety Bond: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. Surety Bond Requirements Table Amount Bond Amount Less than $25,000,000 $25,000 $ 25,000,001 to $100,000,000 $35,000 Over $100,000,000 $50,000

    Submitted via: Electronic Surety Bond in NMLS

  7. Step 7

    AML/BSA Policy: Upload the most recent version of Anti-Money Laundering (AML) / Bank Secrecy Act (BSA) Policy and the most recent Independent Review of the AML/BSA Program. AML/BSA Policy This document should be named AML/BSA Policy [approval date mm-dd-yyyy]. Independent Review of AML/BSA Program This document should be named AML/BSA Policy Independent Review [review date mm-dd-yyyy].

    Submitted via: Upload in NMLS: under the Document Type AML/BSA Policy in the Document Uploads section of the Company Form (MU1).

  8. Step 8

    Business Plan: Upload a business plan outlining the following information: • Marketing strategies • Products • Target markets • Fee schedule • Operating structure the applicant intends to employ. • History of Operations – state specific ARSD 20:07:19:04 This document should be named [Company Legal Name] Business Plan. Note: If the existing uploaded business plan already includes the above information, an additional document does not need to be uploaded. A company should only upload a single business plan. If state-specific material is required, this information should be added to the existing uploaded business plan.

    Submitted via: Upload in NMLS: under the Document Type Business Plan in the Document Uploads section of the Company Form (MU1).

  9. Step 9

    Certificate of Authority/Good Standing Certificate: Upload a South Dakota State-issued and approved document from the South Dakota Secretary of State’s office, dated not more than 60 days prior to the filing of the application through NMLS that demonstrates authorization to do business in SD. This document should be named SD Certificate of Authority OR SD Certificate of Good Standing.

    Submitted via: Certificate of Authority/Good Standing Certificate: Upload a South Dakota State-issued and approved document from the South Dakota Secretary of State’s office, dated not more than 60 days prior to the filing of the application through NMLS that demonstrates authorization to do business in SD. This document should be named SD Certificate of Authority OR SD Certificate of Good Standing.

  10. Step 10

    Company Staffing and Internal Policies: Upload document(s) including information on staffing and internal organizational policies and procedures. If submitting multiple policies, upload and name each policy separately. The document must include the following information: • Underwriting Policy for non-conforming loans • Information Security Policy • Compliance Manual • Underwriting Policy for Reverse Mortgage This document should be named [Name of Policy].

    Submitted via: Upload in NMLS: under the Document Type Company Staffing and Internal Policies in the Document Uploads section of the Company Form (MU1).

  11. Step 11

    Formation Documents: Determine classification of applicant’s legal status and submit a State certified copy of the requested applicable documentation detailed below. Original formation documents and all subsequent amendments, thereto including a list of any name changes. Limited Liability Partnership: • Certificate of Limited Liability Partnership; and • Partnership Agreement (including all amendments). Limited Partnership: • Certificate of Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Company (“LLC”): • Articles of Organization (including all amendments); • Operating Agreement (including all amendments); • IRS Form 2553 or IRS Form 8832 if S-corp treatment elected; and • LLC resolution if authority not in operating agreement. Corporation: • Articles of Incorporation (including all amendments); • By-laws (including all amendments), if applicable; • Shareholder Agreement (including all amendments), if applicable; • IRS Form 2553 if S-corp treatment elected; and • Corporate resolution if authority to complete application not in By-Laws or Shareholder Agreement, as amended, as applicable. Trust (Statutory), excludes SD Chartered Trust Companies • Certificate of Trust; and Governing instrument (all amendments).

    Submitted via: Upload in NMLS: under Formation Document” in the Document Uploads section of the Company Form (MU1). This document should be named Formation Documentation [Date of Creation (MM-DD-YYYY)].

  12. Step 12

    Management Chart: Submit a Management chart displaying the applicant’s directors, officers, and managers (individual name and title). Must also identify compliance reporting and internal audit structure. This document should be named [Company Legal Name] Management Chart. Note: If the existing uploaded management chart already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart.

    Submitted via: Upload in NMLS: under Management Chart in the Document Uploads section of the Company Form (MU1).

  13. Step 13

    Mortgage Servicing Agreement: Submit a copy of any written agreement or contract related to mortgage servicing rights. This document should be named [Servicing Company Name] Mortgage Servicing Agreement.

    Submitted via: Upload in NMLS: under Mortgage Servicing Agreement in the Document Uploads section of the Company Form (MU1).

  14. Step 14

    Organizational Chart/Description: Submit a chart showing (or a description which includes) the percentage of ownership of: • Direct Owners (total direct ownership percentage must equate to 100%) • Indirect Owners • Subsidiaries and Affiliates of the applicant/licensee This document should be named [Company Legal Name] Organizational Chart – Description. Note: If the existing uploaded Organizational Chart/Description already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart.

    Submitted via: Upload in NMLS: under Organizational Chart/Description in the Document Uploads section of the Company Form (MU1).

  15. Step 15

    Credit Report Explanations: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

    Submitted via: Upload in NMLS: under the Document Type Credit Report Explanations in the Document Uploads section of the Individual Form (MU2).

  16. Step 16

    Legal Name/Status Documentation: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

    Submitted via: Upload in NMLS: under the Document Type Legal Name/Status Documentation in the Document Uploads section of the Individual Form (MU2).

  17. Step 17

    Verification of Experience: Provide a license specific resume with detailed job descriptions and/or duties performed evidencing experience in the industry the company is applying for a license. Detailed job descriptions and duties with all employers need to be incorporated into a resume to demonstrate experience related to the specific state license being applied for. This document should be named Resume – SD Mortgage Lender.

    Submitted via: Upload in NMLS: under the Document Type Verification of Experience in the Document Uploads section of the Individual Form (MU2).

General information

Who Is Required to Have This License? 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. South Dakota Codified Law (SDCL) 54-14-13 Activities Authorized Under This License This license authorizes the following activities… Residential Mortgage Origination: • First mortgage brokering • First mortgage lending • High cost home loans • Home equity lending/lines of credit • Lead generation • Manufactured housing financing • Mortgage loan modifications • Third party mortgage loan processing • Third party mortgage loan underwriting • Rent-to-own • Reverse mortgage brokering • Reverse mortgage lending • Second mortgage brokering • Second mortgage lending Residential Mortgage Servicing: • First mortgage servicing- Whole Loan • First mortgage servicing- MSR • Master servicing- Whole Loan • Master servicing- MSR • Mortgage loan purchasing • Reverse mortgage servicing • Short sale • Subordinate lien mortgage servicing- Whole Loan • Subordinate lien mortgage servicing- MSR • Third party first mortgage servicing • Third party subordinate lien mortgage servicing Commercial Mortgage Origination and Servicing: • Commercial mortgage brokering or lending • Commercial mortgage servicing South Dakota does not issue paper licenses for this license type.

Other South Dakota mortgage licenses

Sourced from the NMLS/CSBS state licensing record, last updated July 6, 2026. Requirements change — confirm against the state agency before filing. Not legal advice.

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