South Dakota Mortgage Broker Qualified Loan Originators are required under the Code of Laws of South Dakota section 54-14 to file a South Dakota Mortgage Broker Qualified Loan Originator Bond as a condition of licensure.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The South Dakota Mortgage Broker Qualified Loan Originator Bond holds you accountable for your business decisions.
By possessing a South Dakota Mortgage Broker Qualified Loan Originator Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.