Safe Rate Rankings

Best FHA Mortgage Lenders in South Dakota

Updated June 4, 2026

Rankings are a starting point, not a verdict. Safe Rate recommends speaking with 2-3 lenders to find the right fit for your home loan!

⚖️ The 4 PsRankings are calculated based on observed lender differences on closed loans across Pricing, Pull-through, Product, and Place.

🛡️ No Pay to PlayLenders cannot buy their way to the top. Rankings are 100% earned.

📊 HMDA 2024Built using publicly available originated loan data from the federal government.

🎯 Peer BenchmarkedPerformance is normalized and benchmarked against peer institutions.

Market

Total Lenders62

Total Loans8,496

Median Rate Spread0.14%

South Dakota Market Insights

First International Bank Trust is Safe Rate's top-ranked FHA lender in South Dakota, leading on pricing, pullthrough, FHA product expertise, and local knowledge.
There is often a pricing vs. pullthrough tradeoff in mortgage lending. In South Dakota, Levo Federal Credit Union and First Dakota National Bank scores highest on FHA pricing while Rocket Mortgage and United Wholesale Mortgage leads on likelihood to close. That is why we encourage speaking with multiple lenders.
United Wholesale Mortgage (UWM) ranks #7 in South Dakota, serving as the platform behind many independent local brokers who live and work in the community. A local broker knows the neighborhoods, the local market, and is personally invested in your outcome. Real estate agents often prefer referring local brokers for their accessibility and responsiveness, qualities that matter when a deal is moving fast. Pricing and experience can vary by broker.
Popular names in South Dakota: Rocket Mortgage (#10) and Plains Commerce Bank (#8).

Explore Rankings by Type

Overall Rankings

All lenders in South Dakota

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By Institution Type

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Rank	Lender	Overall	Pricing	Product	Pull Through	Place	Avg Fees	Rate Spread	# of Loans
1	First International Bank & Trust BankDirect	Exceptional	Exceptional	Strong	Strong	Exceptional	$1,402Fees	0.166%Below	261
2	Levo Federal Credit Union Credit UnionDirect	Exceptional	Exceptional	Strong	Strong	Exceptional	$1,876Fees	0.110%Below	200
3	First Bank & Trust BankDirect	Strong	Exceptional	Strong	Strong	Exceptional	$2,808Fees	0.156%Below	550
4	First Dakota National Bank BankDirect	Strong	Exceptional	Strong	Strong	Exceptional	$1,000Fees	0.112%Below	409
5	First PREMIER Bank BankDirect	Strong	Exceptional	Strong	Strong	Exceptional	$1,978Fees	0.094%Below	406
6	Dacotah Bank BankDirect	Strong	Exceptional	Sound	Strong	Exceptional	$1,902Fees	0.022%Below	256
7	UNITED WHOLESALE MORTGAGE, LLC Independent Mortgage CompanyWholesale	Strong	Sound*	Exceptional	Exceptional	Strong	$3,283Fees	0.118%Above	273
8	Plains Commerce Bank BankWholesale	Strong	Sound*	Exceptional	Strong	Exceptional	$2,993Fees	0.057%Below	1,524
9	BLACK HILLS FEDERAL CREDIT UNION Credit UnionDirect	Strong	Strong	Strong	Strong	Exceptional	$3,279Fees	0.112%Below	305
10	ROCKET MORTGAGE, LLC Independent Mortgage CompanyDirect & Wholesale	Strong	Acceptable*	Exceptional	Exceptional	Strong	$4,351Fees	0.367%Above	430
11	First National Bank of Omaha BankDirect	Strong	Strong	Strong	Strong	Strong	$2,348Fees	0.099%Below	143
12	PENNYMAC LOAN SERVICES, LLC Independent Mortgage CompanyDirect & Wholesale	Strong	Strong*	Exceptional	Sound	Sound	$2,633Fees	0.268%Below	67
13	CMG MORTGAGE, INC. Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Strong	$3,165Fees	0.200%Above	395
14	CORTRUST MORTGAGE, INC. Independent Mortgage CompanyDirect	Strong	Strong	Strong	Strong	Exceptional	$2,385Fees	0.063%Below	203
15	BANKWEST, INC. BankDirect	Strong	Strong	Sound	Strong	Exceptional	$3,213Fees	0.049%Below	163
16	CU MORTGAGE DIRECT, LLC Independent Mortgage CompanyDirect	Strong	Exceptional	Sound	Sound	Strong	$2,486Fees	0.050%Above	123
17	American Bank & Trust BankDirect	Strong	Exceptional	Strong	Sound	Exceptional	$2,147Fees	0.126%Below	243
18	U.S. Bank National Association BankDirect	Strong	Strong	Exceptional	Sound	Strong	$1,035Fees	0.050%Above	186
19	GRANITE BANK BankDirect	Strong	Sound	Strong	Strong	Strong	$2,215Fees	0.129%Below	137
20	FREEDOM MORTGAGE CORPORATION Independent Mortgage CompanyDirect & Wholesale	Strong	Strong*	Exceptional	Strong	Sound	$2,766Fees	0.406%Above	68
21	KIND LENDING, LLC Independent Mortgage CompanyWholesale	Strong	Sound*	Exceptional	Strong	Sound	$3,831Fees	0.176%Above	57
22	LOANDEPOT.COM, LLC Independent Mortgage CompanyDirect & Wholesale	Strong	Sound*	Exceptional	Strong	Sound	$3,353Fees	0.257%Above	52
23	Flagstar Bank, N.A. BankDirect & Wholesale	Strong	Sound*	Exceptional	Strong	Sound	$1,860Fees	0.221%Above	42
24	FAIRWAY INDEPENDENT MORTGAGE CORPORATION Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Exceptional	Strong	$2,181Fees	0.166%Above	276
25	GUARANTEED RATE, INC. Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Strong	Strong	$2,595Fees	0.308%Above	166
26	Gateway First Bank BankDirect	Strong	Acceptable	Exceptional	Strong	Strong	$2,269Fees	0.021%Above	105
27	NEWREZ LLC Independent Mortgage CompanyDirect & Wholesale	Strong	Sound*	Exceptional	Sound	Sound	$2,886Fees	0.311%Above	39
28	CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP Independent Mortgage CompanyDirect & Wholesale	Strong	Acceptable*	Exceptional	Strong	Sound	$4,312Fees	0.965%Above	24
29	Reliabank Dakota BankDirect	Strong	Strong	Sound	Sound	Strong	$2,442Fees	0.085%Below	114
30	CROSSCOUNTRY MORTGAGE, LLC Independent Mortgage CompanyDirect	Strong	Mediocre	Exceptional	Strong	Strong	$4,319Fees	0.433%Above	126
31	Mortgage Research Center, LLC Independent Mortgage CompanyDirect	Strong	Acceptable	Exceptional	Sound	Strong	$1,213Fees	0.559%Above	177
32	AMERICAN PACIFIC MORTGAGE CORPORATION Independent Mortgage CompanyDirect	Strong	Mediocre	Exceptional	Exceptional	Sound	$5,967Fees	0.490%Above	52
33	MUTUAL OF OMAHA MORTGAGE, INC. Independent Mortgage CompanyDirect	Sound	Acceptable	Exceptional	Sound	Sound	$2,412Fees	0.033%Below	33
34	Servion, Inc. Independent Mortgage CompanyDirect & Wholesale	Sound	Sound*	Strong	Sound	Sound	$3,124Fees	0.280%Above	33
35	NEW AMERICAN FUNDING, LLC Independent Mortgage CompanyDirect	Sound	Mediocre	Exceptional	Sound	Sound	$3,699Fees	0.656%Above	28
36	PRIMARY RESIDENTIAL MORTGAGE, INC. Independent Mortgage CompanyDirect	Sound	Mediocre	Exceptional	Strong	Sound	$4,559Fees	0.508%Above	18
37	First Interstate Bank BankDirect	Sound	Sound	Acceptable	Mediocre	Strong	$1,462Fees	0.316%Above	53

❓ Frequently Asked Questions

How are mortgage lenders ranked in South Dakota?+

Safe Rate ranks lenders using the 4 Ps framework, derived entirely from HMDA (Home Mortgage Disclosure Act) data: Pricing (how competitively a lender prices loans vs. the market benchmark), Pullthrough (how effectively a lender closes applications), Place (the lender's depth of expertise in South Dakota), and Product (performance on specific loan types). Each lender receives a composite Safe Rate Score from 0–100. No lender pays to appear in the rankings.

What is the Safe Rate Score?+

The Safe Rate Score is a 0–100 composite index measuring a lender's performance across Pricing, Pullthrough, Place, and Product. Scores of 80 or above earn Champion status; scores of 60–79 earn Superstar status. All scores are calculated from verified HMDA data — no lender can pay to improve their position.

How many mortgage lenders are active in South Dakota?+

Based on 2024 HMDA data, 62 lenders originated a combined 8,496 loans in South Dakota. Safe Rate's rankings evaluate all of them — not just a curated shortlist.

What does the rate spread tell me about a lender in South Dakota?+

Rate spread measures how much above the Average Prime Offer Rate (APOR) a lender charges. The median rate spread in South Dakota is 0.14%. Lenders in Safe Rate's top rankings consistently price below this median, meaning borrowers typically pay less interest over the life of their loan.

What is HMDA data and why does Safe Rate use it?+

HMDA (Home Mortgage Disclosure Act) is a federal law requiring every mortgage lender to disclose every loan application annually — including rates, amounts, approvals, and denials. Safe Rate uses HMDA because it is government-verified, covers all lenders equally, and cannot be gamed. It is the most objective foundation available for lender rankings.

Does Safe Rate accept payment from lenders to appear in rankings?+

No. Safe Rate rankings are strictly data-driven. No lender can pay to appear in or improve their position in Safe Rate's rankings. The only factor that determines a lender's rank is their verified HMDA performance data.

What is the difference between a bank, credit union, and independent mortgage company?+

Banks and credit unions offer mortgages alongside checking, savings, and other products. Independent Mortgage Companies (IMCs) focus exclusively on originating loans and often offer more product variety and speed. In South Dakota's rankings, all three institution types are evaluated on the same HMDA performance metrics.

How We Rank Lenders

Our rankings use a weighted average of scores across equally-weighted categories to evaluate lenders on a linear, raw performance scale.

Our Point System (Max 40 Points)

Pricing

Rate and fee competitiveness (25%)

Pull Through

Reliability in closing loans (25%)

Product

Specialization in the loan type (25%)

Place

Local market expertise (25%)

Data Integrity & Updates

Data is updated quarterly based on the latest HMDA filings and proprietary SafeRate analysis. All metrics are calculated using standardized methodologies to ensure fair comparison across lenders.

⚖️ Licensing & Disclosures

Lender rankings and market statistics are created by Dylan Hall, licensed mortgage loan officer (NMLS #1658740). Safe Rate is a mortgage technology platform; mortgage lending services are provided by PartnerOwn LLC dba Safe Rate Mortgage, a licensed mortgage broker and lender (NMLS #1590949). Safe Rate Mortgage is a lending partner of some of the lenders ranked on this page, and Safe Rate Inc. has software or service customers on this list; however, all rankings are calculated using objective, public Home Mortgage Disclosure Act (HMDA) datasets, completely independent of any corporate partnerships, client relationships, or compensation.