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Get Your Mortgage Loan Originator License in 2021!

 

South Dakota Pre-Licensing Education

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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 Your MLO Mortgage License in South Dakota

There are several steps that need to be completed when trying to obtain your mortgage license in South Dakota.

 

 

Step 1

     

Step 2

     

Step 3

 
 

Apply for Your NMLS Account and ID Number

     

Schedule Pre-License Mortgage Education Classes

     

Schedule an MLO License Test

 
 

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.

 
 

Step 4

     

Step 5

     

Step 6

 
 

Get Through Background Screening

     

Submit Your South Dakota Mortgage License Application

     

Add Your Employer to Your NMLS Account

 
 

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.

 

The Benefits of a South Dakota Mortgage License

Earning a South Dakota mortgage license is a perfect way to capitalize on your many years of education. You can take your general knowledge, reading and math skills, and people-oriented talents and turn them into a very profitable career. 

 

This is unusually meaningful work, too. There’s almost no purchase more important to people than buying the place they’ll build their lives. You’ll help them through the process, and they’ll be incredibly grateful to you. 

 

There are a few obstacles in getting your license, including the South Dakota mortgage license requirements, but everyone would do it if it were easy. You’ll be one of a rare breed who has this skill, and you’ll be respected for it. So, complete your 20 hours of classes with Mortgage Educators to get started.

South Dakota Mortgage License Education Requirements

The education portion of this process is the most exciting. You’ll gain the foundation for this valuable skill and understand what others don’t. Your classes are required to include: 

 

  • 3 hours of study on federal law
  • 3 hours exploring ethical behaviors (discussing subjects like consumer protection, fraud, and fair lending)
  • 2 hours on infrequently-used mortgage products
  • 12 hours on a variety of elective subjects

 

An education bundle from Mortgage Educators will keep you organized and get you through the requirements efficiently. You’ll be prepared and confident for your NMLS exam.

 

What's the Difference Between a South Dakota Mortgage Broker License and a South Dakota Loan Officer License?

“Mortgage broker” is often the term for an office you’ll be working for—an employer. They get a broker license. When looking up license requirements and applications, be sure you’re looking at materials for an individual loan originator license instead.

 

Cost of Getting Your Mortgage License in South Dakota

The fees for starting a lucrative career are relatively low, including: 

  • Criminal Screening: $36.25
  • Credit Report: $15
  • NMLS Processing: $30
  • South Dakota License Application: $150

 

PE Expiration Policy in South Dakota

When you’re thinking of signing up for your 20 hours of classes, be sure to plan on applying for your license soon. The PE expiration policy states that your classes are invalid if you don’t apply for a license within three years of taking them. This policy is active in South Dakota.

 

South Dakota Continuing Education Requirements

If you’re enjoying your career, make sure to keep your skills and knowledge sharp to be the best. For your annual license renewal, you’re required to study: 

 

  • 3 hours of federal law refresher material
  • 2 hours of ethics
  • 2 hours on lesser-used mortgage products
  • 1 hour on elective subjects

 

The final deadline for your license renewal application is December 31 each year, but a mandatory late fee is attached to submissions after December 1. We recommend you submit by November 1 instead. Plan to complete your continuing education requirements before then.

Start Your South Dakota Mortgage License Education Today

This process is completely manageable with an experienced team at your side. Get an education bundle from Mortgage Educators to be prepared for your exam and your respected career. Connect with us for your first license or continuing education.

 

Additional Questions?

Mortgage Educators and Compliance is here to answer any additional questions that you may have in regards to your South Dakota mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at 20hour@MortgageEducators.com.

 

 

 

 

South Dakota Mortgage Education Pre-Licensing