Each mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator must obtain or be covered by a surety bond. Required when: Application for a license or registration as a mortgage lender, brokerage, broker, or loan originator. Exemptions: Exemptions include banks, trust companies, savings and loa…
Overview
What it is.
Each mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator must obtain or be covered by a surety bond. Required when: Application for a license or registration as a mortgage lender, brokerage, broker, or loan originator. Exemptions: Exemptions include banks, trust companies, savings and loa…
Who usually needs it
Each mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator must obtain or be covered by a surety bond.
Pricing & timing
What to expect.
Generic pricing
Miscellaneous commercial bonds cover a wide range of business obligations not fitting other categories. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Pricing varies by specific bond type and requirements. Some miscellaneous bonds may price higher depending o…
Typical timeframe
Credit-based approval — varies by bond type
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateSDBond amountThe bond amount is based on the dollar amount of mortgage loans originated, bro…Term lengthContinuousObligeeSouth Dakota Division of BankingRenewalThe bond must be maintained at all times to keep the license active. Renewal is managed through the NMLS, where the surety company must maintain the electronic surety bond (ESB) and the licensee must pay annual premiums…Bond classMiscellaneous CommercialCategoryFinancial ServicesBondSurety BondStatutory referenceSDCL 54-14-24JurisdictionState
