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South Dakota requires mortgage licensees to register branches
On July 1, the South Dakota Division of Banking began accepting mortgage branch registration applications via NMLS. Previously, the division did not require branches of South Dakota mortgage lender licensees, mortgage brokerage licensees, or non-residential mortgage lender licensees to be registered in this fashion.
The NMLS description of the registration provides that it is required for any branch of a South Dakota mortgage lender licensee, mortgage brokerage licensee, or non-residential mortgage lender licensee that “for valuable consideration, originates, sells, or services mortgages, or holds himself, herself, or itself out as a person who, for valuable consideration, originates, sells, or services mortgages.”
Licensees have until December 31, 2021 (more than 17 months) to register their applicable branches. No items are required outside of NMLS regarding the application. However, branch managers must be licensed as South Dakota mortgage loan originators, which could take several months to coordinate.