Get Your Mortgage Loan Originator License in 2024!
South Dakota Pre-Licensing Education
Starting at: $349 Now Only $239!
Use Promo Code: 20PEDEAL
Obtaining a mortgage license and becoming a mortgage loan originator involves a simple process in which you will need to complete your state-specific education requirements and take and pass a National exam. Once these two steps have been completed, you're well on your way to becoming a licensed Loan Originator!
How to Get an NMLS Mortgage License in South Dakota
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Step 1 |
Step 2 |
Step 3 |
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Apply for Your NMLS Account and ID Number |
Schedule Pre-License Mortgage Education Classes |
Schedule an MLO License Test |
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You need to get an account on the NMLS website to apply for your South Dakota MLO (mortgage loan originator) license and coordinate the remaining steps of the process. |
To become an MLO and get your license, South Dakota requires MLO’s to complete 20 hours of NMLS-approved education. |
Once you’ve passed your classes, it will be time to schedule an official national exam. |
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Step 4 |
Step 5 |
Step 6 |
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Get Through Background Screening |
Submit Your South Dakota Mortgage License Application |
Add Your Employer to Your NMLS Account |
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You’ll need to pay several fees to complete the required background checks. Learn the steps here. |
When you pass your exam with flying colors, celebrate and then complete your license application. Use the documentation from the previous steps to get it all ready. |
Your South Dakota MLO license will be active only when you add your sponsor (employer) to your NMLS account. Use this guide to get started. |
Getting Your Mortgage License in South Dakota
A South Dakota mortgage license is not only your path to a fulfilling career but also a way to serve the community. If you’re willing to put in the time and effort, you'll soon be able to help others achieve their dreams of having their own property.
We’ll make earning your South Dakota mortgage license easy and convenient. We offer great course bundles that meet South Dakota’s education requirements, including an NMLS test prep course to help you succeed in the national exam.
South Dakota Frequently Asked Questions
In an effort to curb the predatory lending practices that led to the demise of the housing and residential mortgage industry in 2008, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) was enacted. This opened up a world of opportunity to those driven to attain an MLO license and then work hard to match people with loan products.
| Topic | Hours Required |
|---|---|
| Fair Lending, Ethics, Fraud, and Consumer Protection | 3 Hours |
| Federal Laws and Regulations | 3 Hours |
| Non-Standard Lending | 2 Hours |
| Undefined Electives | 12 Hours |
| Total 20 Hours | |
If you complete the required 20 hours of education but do not obtain your license for a 3-year period, you'll need to repeat the coursework. The same applies if you let your license lapse for 3+ years before you want to get back into the industry. Keep in mind that although this policy has not been enacted in South Dakota, It will be soon.
A “mortgage broker” refers to an individual or an organization that connects consumers with mortgage loans from a variety of companies. Mortgage brokers frequently employ loan officers. In contrast, a loan officer is an employee who regularly works with borrowers and provides loans that are originated by their employer. Brokers and loan officers need different types of licenses.
Earning your mortgage broker license in South Dakota should be considered an investment well worth your time. Here’s what to expect when it comes to licensing fees in South Dakota:
| NMLS Fees | |
|---|---|
| NMLS Initial Processing Fee | $30 |
| Credit Report | $15 |
| FBI Criminal Background Check | $36.25 |
| South Dakota Application Fee | $150 |
| Total License Cost | $231.25 |
On an annual basis, South Dakota MLO license holders must complete 8 total hours of Comprehensive Continuing Education that must cover:
| Topic | Required Hours |
|---|---|
| Federal Regulations and Law | 3 Hours |
| Ethics, including consumer protection, fair lending | 2 Hours |
| Non-Traditional mortgage lending | 2 Hours |
| South Dakota Specific Education | 1 Hour |
Remember to take into account the “successive years” rule, which prohibits loan officers from taking the same CE course two years in a row.
Mortgage Educators changes its continuing education course annually to ensure there are no issues with the successive years rule.
The deadline to complete CE in South Dakota is December 31st. MLO's in South Dakota are actually prevented from applying for license renewal until they have completed their CE.
Mortgage Educators and Compliance is here to answer any additional questions you may have regarding your South Dakota mortgage license. For additional questions, feel free to call us at 801-676-2520 or email us at [email protected].
