SAFE Act Questions: Can state-approved continuing education courses completed by existing state licensed loan originators count toward the 20 hour pre-licensure requirement?

Yes. States that have existing education requirements in place should continue administering those requirements through at least 2009 and beyond depending on each state's SAFE Act transition dates.  It should be noted, however, that NMLS will not be accepting “partial hours” from existing licensees so a state-licensed loan originator that currently has anything less than 20 hours should complete their education as soon as possible or they will be required to take the full 20 hours. Loan originators should contact their state mortgage regulator for more information