South Dakota Mortgage Lender Bond
The South Dakota Division of Banking licensing requires mortgage lenders to file an electronic surety bond in the NMLS system in the amount required based on their funded volume. The bond amount varies according to the following scale:
| Aggregate Loan Amount | Bond Amount Required | Annual Premium |
| $0 - $49,999,999 | $50,000 | $150 |
| $50,000,000-$249,999,999 | $100,000 | $600 |
| $250,000,000+ | $150,000 | $900 |
Overview
In South Dakota, the Division of Banking requires mortgage lenders to obtain a mortgage lender 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 lender's financial history and creditworthiness. The NNA has secured a premium of $6 per $1,000 in liability for all South Dakota mortgage lenders 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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