Get Your Mortgage Loan Originator License in 2022!
South Dakota Pre-Licensing Education
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
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Step 1 |
Step 2 |
Step 3 |
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Apply for Your NMLS Account and ID Number |
Schedule Pre-License Mortgage Education Classes |
Schedule an MLO License Test |
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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. |
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Step 4 |
Step 5 |
Step 6 |
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Get Through Background Screening |
Submit Your South Dakota Mortgage License Application |
Add Your Employer to Your NMLS Account |
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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. |
Getting Your Mortgage License in South Dakota
A South Dakota mortgage license is not only your path to a fulfilling career but also a way to serve the community. If you’re willing to put in the time and effort, you'll soon be able to help others achieve their dreams of having their own property.
We’ll make earning your South Dakota mortgage license easy and convenient. We offer great course bundles that meet South Dakota’s education requirements, including an NMLS test prep course to help you succeed in the national exam.
South Dakota Mortgage License Education Requirements:
The SAFE Act of 2008 requires new state-licensed mortgage loan originators to finish 20 hours of mortgage education. This includes:
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3 hours of federal law and regulations
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3 hours of ethics
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2 hours of non-traditional mortgage lending
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12 hours of electives
Upon course completion, we’ll report your hours of education to the NMLS.
What's the Difference Between a South Dakota Mortgage Broker License and a South Dakota Loan Officer License?
Essentially, a mortgage broker owns the business and employs the mortgage loan officer responsible for providing homeowners with mortgage loans that fit their needs. So, if your goal is to have a career in loan origination, then an MLO South Dakota license is what you need.
Cost of Getting Your Mortgage License in South Dakota
The following are fees you’ll need to pay when getting your mortgage license:
- $30 for the initial NMLS processing fee
- $15 for a credit report
- $36.25 for an FBI criminal background check
- $150 South Dakota License Application
Take note that this list doesn’t represent the total cost for licensing a company, branch, or MLO.
PE Expiration Policy in South Dakota
Per the PE Expiration policy, an individual who fails to obtain a valid mortgage license within three years after the last licensure date or MLO registration date will need to retake the 20-hour pre-licensure education. The enactment of this policy is pending in South Dakota but is likely to be enforced soon.
South Dakota Continuing Education (CE) Requirements
Here’s a breakdown of the annual eight-hour education requirement when renewing your MLO license:
The courses should include:
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3 hours of federal law
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2 hours of ethics
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2 hours of non-traditional mortgage lending
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1 hour of state-specific education
Due to the “successive years” rule, you can’t take the same CE course consecutively for two years.
Get Started on Your South Dakota Mortgage License Today
Whether you need pre-licensing education or a CE course, Mortgage Educators is your one-stop online resource. Register for your course today!
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.
