This question keeps popping up regarding SAFE Act compliance (and I don’t blame you guys):
If I just took courses required to satisfy my state’s requirements for loan originators, why should I take MORE classes now?
This is a very fair question and it looks like you’ll get a break on this. The NMLS is going to accept hours you have taken previously against the 20-hour requirement. The key is that the hours must have been used to meet an existing state requirement for continuing education or prelicense education. So, if you’ve got certificates from a conference you attended but the conference wasn’t approved in your state for license education you are out of luck.
It looks now like the NMLS will cut the mortgage loan originator a break on the education but NOT on the exam. Yep, you’ll have to take the exam sooner or later to stay in business (by January 1, 2011 at the latest).
We’ll let you know more about SAFE Act compliance as we learn more.