South Dakota Mortgage Lender 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 lenders 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 Lender Bond
The supplied cost of the $25,000, $35,000 or $50,000 South Dakota Mortgage Lender Bond is $150, $210 or $300, respectively, for a one-year term with NNA Surety.
How the South Dakota Mortgage Lender Bond Works
The bond is in favor of the State of South Dakota for the use of the State and persons with a cause of action under South Dakota mortgage lender law. It is conditioned on faithful performance and payment of covered amounts due.
Principal: Licensed South Dakota mortgage lender
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 Lender Bond
- Complete this short online application.
- Select the required bond amount based on your applicable South Dakota mortgage loan volume.
- Pay the corresponding annual premium and receive the bond documentation.
- File and maintain the electronic surety bond through NMLS as required.
Learn more about South Dakota surety bond options.
Secure Your South Dakota Mortgage Lender Bond
Keep your South Dakota mortgage lender licensing requirements on track by securing the appropriate bond with NNA Surety. Complete this form or call 855-215-2160 to get bonded.