What is an South Dakota Mortgage Broker Bond?
South Dakota Mortgage Broker Bonds are required by South Dakota’s Division of Banking to obtain your Mortgage Broker license. The South Dakota Mortgage Broker Bond amount is set at $25,000. This license is required for any company (including a sole proprietorship) engaged in placing loans with investors for a fee, but does not service such loans.
The State requires a Mortgage Broker bond for :
$0 to $25,000,000 will require a minimum $25,000 surety bond
$25,000,001 to $100,000,000 will require a minimum $35,000 surety bond
Any loan volume over $100,000,000 will require a minimum $50,000 surety bond
Different parts of a bond:
There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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South Dakota Mortgage Broker Bond Information and Requirements:
A loan $0 to $25,000,000 requires a surety bond of $25,000. Any loan in between $25,000,000 to $100,000,000 requires a $35,000 surety bond. Any loan above $100,000,000 requires a $50,000 surety bond.