South Dakota Mortgage Education
EasyRealEstateSchool.com offers these South Dakota mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
Who is required to have this license?
This license is for any individual who, for compensation or gain or in the expectation of compensation or gain, takes a mortgage loan application or offers or negotiates terms of a mortgage loan. South Dakota does not differentiate between commercial and residential mortgage loans.
Pre-requisites for license applications?
- 20 Hours of pre-licensing education approved by the NMLS, which shall include at least:
- 3 hours of federal law and regulations pertaining to residential mortgage loan origination
- 3 hours of ethics, this shall include instruction on fraud, consumer protection, and fair lending issues
- 2 hours related to lending standards for the nontraditional mortgage product marketplace
- Score at least 75% on both the National and South Dakota state components of the SAFE test
- Federal criminal background check processed through the NMLS.
- Must be employed and sponsored through NMLS by a licensed mortgage lender or mortgage brokerage licensee or a registered exempt mortgage company.
Who does not need this license?
- An individual engaged solely as a loan processor or underwriter except as otherwise provided in § 54-14-13.4
- An individual or entity that performs only real estate brokerage activities and is licensed or registered in accordance with applicable South Dakota law, unless the individual or entity is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator.
- Any individual or entity solely involved in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C. § 101(53D) as of January 1, 2009.
- Any individual who offers or negotiates terms of a mortgage loan with or on behalf of an immediate family member of the individual.
- Any individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual’s residence.
- A licensed attorney who negotiates the terms of a mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client, unless the attorney is compensated by a lender, mortgage brokerage, mortgage broker, or other mortgage loan originator or by any agent of the lender, mortgage broker, or other mortgage loan originator.
- Any registered mortgage loan originator, if acting for a depository institution.
For more information about the actual course please visit Mortgage Education Course FAQ’s.
South Dakota State Requirments
SAFE ACT Requirements
- SAFE MLO Test – All licensees must pass the National and State Components of the SAFE MLO Test by 12/31/2010.
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a background check by 12/31/2010.
- Credit Report – All licensees must authorize a credit report through NMLS by 12/31/2010.
South Dakota Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after 1/1/2010 must have completed 20 hours of NMLS approved pre-licensure education. Existing licensees as of 12/31/2009 must complete 20 hours of NMLS approved pre-licensure education by 12/31/2010, unless the licensee has completed at least 20 hours of SDDOB approved education prior to 12/31/2009. State approved courses will no longer be accepted after 12/31/2009.
- SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All licensees must take 8 hours of NMLS approved continuing education in 2010 in order to renew for 2011, unless PE was completed in 2010. This course should be taken Yearly by 12/31.
- Certification (Education) – Currently licensed MLOs who have completed at least 20 hours of SD State approved education on or before 12/31/2009 may be eligible to participate in the PE certification process and may not need to take the NMLS approved pre-licensure education. Refer to your state agency for more information.
For more information about the actual course please visit Mortgage Education Course FAQ’s.