South Dakota Mortgage Broker Bond
AmeriPro Surety Bonds | 844-589-9732
South Dakota Mortgage Broker Licensing
The South Dakota Division of Banking is charged with the licensing and regulating of mortgage brokers and mortgage brokerage companies in the state.
Your license — new and renewal — are filed through NMLS, the Nationwide Mortgage Licensing System.
A surety bond is required and the amount is determined by your level of production. The breakdown is as follows:
- Up to $25 million in loan volume, a $25,000 surety bond;
- $25 million to $100 million, a $35,000 surety bond;
- Over $100 million, a $50,000 surety bond
Our agency can electronically file your surety bond to NMLS after its purchase.
Qualifying and the Premium
Obtaining your South Dakota mortgage broker bond is streamlined because there is neither an underwriter review nor a credit check to qualify for its purchase. You are automatically approved.
When you call us, you’ll tell us what surety bond amount you require. We’ll then ask you whether or not we’ll be filing your bond to NMLS for you. Afterwards, it’s just the basics: the name, exactly as it should appear on your surety bond, and your contact information, to include email, physical address, and phone number.
After payment of the premium, we’ll issue the bond for you.
Annual premium amounts are as follows:
- $25,000 surety bond – $188 premium;
- $35,000 surety bond – $263 premium;
- $50,000 surety bond – $375 premium.
Premium Prepayment Options
If you choose, the option to prepay your bond’s premium up to 3 years is also avaiable to you. Prepayment of the premium offers you a savings over annual renewals; it also lengthens the time between renewals. You should, however, account for the possibility that within the passage of one year, a different surety bond amount may be required.
However, the premium prepayment amount and savings are as follows:
–$25,000 surety bond–
- If prepaid for 2 years, the premium is $338, a $38 savings;
- If prepaid for 3 years, the premium is $489, a $75 savings.
–$35,000 surety bond–
- If prepaid for 2 years, the premium is $473, a $53 savings;
- If prepaid for 3 years, the premium is $684, a $105 savings.
–$50,000 surety bond–
- If prepaid for 2 years, the premium is $675, a $75 savings;
- If prepaid for 3 years, the premium is $975, a $150 savings.
Purpose of Your Surety Bond Requirement
Your bond is a financial guarantee of your compliance with all laws involved in mortgage brokering, and most especially as found in SDCL Chapter 54-14 as amended.
AmeriPro Surety Bonds is a surety bonds-only agency. Our agency offers mortgage brokerage and other related mortgage industry surety bonds in South Dakota and nationwide.
Our agency is also an online aggregator and provider of license and permit, probate, and court surety bonds in all 50 states.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contact you..