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How Much Does a Dakota Mortgage Broker or Lender License Bond Cost?
The cost of a mortgage broker or lender license bond in South Dakota is between $250 and $5,000. For both types of bonds, the bond amount requirement is between $25,000 to $50,000, depending on loan volume.
You do not need to pay the full amount of the bond to meet the requirement, however. We are an authorized South Dakota surety company that offers bonds at a premium rate. The rate falls between 1% and 10% of the required amount.
We have been providing the state’s mortgage professionals with surety bonds for over a decade, and we bond more than 99% of applicants. Your premium rate is determined by factors like credit scores, professional credentials and assets.
A 700 or higher credit score qualifies for a rate between 1% and 3%. A 600 to 699 score will receive a 3% to 5% rate. A rate of 5% to 10% is offered to applicants with a 599 score or lower.
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Surety Bond Cost Based on Credit Score |
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Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
South Dakota Mortgage Broker Bond (loan volume less than $25 million) |
$25,000 |
$250 - $750 |
$750 - $1250 |
$1250 - $2500 |
|
South Dakota Mortgage Broker Bond (loan volume $25,000,001 to $100 million) |
$35,000 |
$350 - $1050 |
$1050 - $1750 |
$1750 - $3500 |
|
South Dakota Mortgage Broker Bond (loan volume more than $100 million) |
$50,000 |
$500 - $1500 |
$1500 - $2500 |
$2500 - $5000 |
|
South Dakota Mortgage Lender Bond (loan volume less than $25 million) |
$25,000 |
$250 - $750 |
$750 - $1250 |
$1250 - $2500 |
|
South Dakota Mortgage Lender Bond (loan volume $25,000,001 to $100 million) |
$35,000 |
$350 - $1050 |
$1050 - $1750 |
$1750 - $3500 |
|
South Dakota Mortgage Lender Bond (loan volume more than $100 million) |
$50,000 |
$500 - $1500 |
$1500 - $2500 |
$2500 - $5000 |
How to Get a South Dakota Mortgage Broker or Lender License Bond
1. Apply for Your New Surety Bond Online
Our customers benefit from a quick, straightforward bond process. This process begins when you complete the short online application. Typically, our customers finish this step in a few minutes. If you have questions or require assistance with your application, our bond experts are happy to help.
Alex planned to open a mortgage business in Pierre and recently reached out to us for a surety bond. Despite a lower credit score, Alex received a quick quote and easily completed the purchase with an online payment. Now, he's focused on growing his new business in South Dakota.
2. Review Your Bond Quote
When you set up your new mortgage broker or lender license bond with us, you will benefit from a free, instant bond quote as soon as you submit the online application.
In special situations, an application is complex and requires a closer review by our team. We provide no-obligation quotes to our valued customers in these cases within 48 hours.
3. Pay Your Bond Premium Online
The last step required to set up your South Dakota mortgage broker or lender bond is to make your premium payment. After paying the premium, you will receive the bond via email. We are also happy to mail your bond to you upon request.
Our bond experts take pride in providing attentive, friendly service to our customers. If you run into a challenge when applying or if you have questions about your surety bond quote, please contact us or call us at (877) 514-5146.
Start your surety bond application. 100% money-back guarantee!
Mortgage Broker or Lender License Bond Requirements in South Dakota
The South Dakota Department of Labor and Regulations – Division of Banking is the authority for mortgage broker and lender license requirements. The requirements are established by South Dakota Codified Law (SDCL) 54-14-13.
Both mortgage brokers and mortgage lenders are required to have a bond of $25,000 to $50,000 based on loan volume. The bond is a licensing requirement and must remain in force to maintain the license.
The NMLS, or the Nationwide Multistate Licensing System, is responsible for processing applications for mortgage broker and mortgage lender licenses. To meet the bond requirement, applicants must upload an electronic surety bond.
To maintain the required bond, the premium payment must be made annually. Each year prior to the payment due date, we will contact you with payment instructions.
Our bond experts can tell you more about how to get a mortgage broker license. You can also learn more by contacting the South Dakota Department of Labor and Regulation - Division of Banking at (605) 773-3421.
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
