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How To Become A Mortgage Loan Officer In South Dakota (2022)
How To Get Your Mortgage License (MLO) In South Dakota
Last Update: January 24, 2022
In almost all cases, Mortgage Loan Originator (MLO) Candidates require 20 hours of training. Each state then, has the option to require a certain amount of that training to be “state specific”. More on that break down later. In the meantime though, you can South Dakota specific training requirements and keep them available for reference.
Once you verify your state specific course, it’s easy to get going. These simplified steps will help you determine the best way to get your mortgage loan originator or loan officer license.
*Please note, that this is a general overview of requirements and that they may not reflect the most recent information. Your specific circumstances may require a different process as well. Please always verify requirements with the appropriate agencies.
How To Become A Mortgage Loan Officer In South Dakota In 6 Steps
Create an account and register with Nationwide Multistate Licensing System & Registry (NMLS) and obtain an ID number.
You must complete 20 hours of education either online or in person including:
Pass the NMLS Mortgage licensing exam (some states have a state specific test)
Complete background checks
Apply for your license
Find an employer and associate your NMLS account ID with them
There is no requirement for previous education and once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job. Most Loan Officers come from a background of sales, customer services and enjoy working with others.