South Dakota Mortgage Lender Bond
AmeriPro Surety Bonds | 844-589-9732
South Dakota Mortgage Lender License
The South Dakota Division of Banking regulates and licenses those in the mortgage industry, including lenders. The filing of your license and surety bond are facilitated through NMLS, the Nationwide Mortgage Licensing System.
The surety bond required is based upon your loan origination volume from the prior year. The amounts required are broken down as follows:
- Up to $25 million – $25,000 surety bond;
- $25 million to $100 million – $35,000 surety bond;
- Over $100 million – $50,000 surety bond.
Once purchased, our agency will electronically file your mortgage lender bond on your behalf to NMLS.
Qualifying and the Premium
There is no credit check for any of the required amounts for a South Dakota mortgage lender bond. What this means for your company is that you are automatically approved.
When you call us, we’ll take the application directly from you over the phone; your signature is not required.
The questions are the basics: The amount of surety bond you need; whether you’ll want us to file your surety bond to NMLS; the name exactly as it should appear on your bond; and your contact information, which besides your address includes an email and a business phone number.
The premium breakdown are as follows:
- $25,000 surety bond – $188 annual premium;
- $35,000 surety bond – $263 annual premium;
- $50,000 surety bond – $375 annual premium.
If we mail your bond to you, your bond is notarized by as Surety, and upon receipt signed and notarized by you as Principal before filing with the state.
The obligee’s (the entity which require your licensing) address is:
State of South Dakota
Division of Banking
1601 N. Harrison Avenue, Suite 1
Pierre, South Dakota 57501
Premium Prepayment Options
Your surety bond’s premium renews annually but may also be prepaid up to 3 years, which will offer you a savings over annual renewals. The premium prepayment option 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
The mortgage lender bond is required as a financial guarantee which ensures your compliance with South Dakota Codified Legislation 54-14, and any future legislative amendments.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide mortgage-related surety bonds nationwide, filing them on the behalf of customers to NMLS.
Our agency is also a provider of license and permit, probate, court, and other surety bonds in South Dakota and all 50 states.
Please call us today at:
Or, you may fill out the form below and a Surety Agent will contact you…