We have known for awhile, based on the SAFE Act, that existing state-licensed mortgage loan originators (MLOs) can use completed state-approved education courses towards the 20 hours required under SAFE. 
However, ProSchools just learned that the NMLS will not accept “partial hours” from existing licensees.
Here is a quick summary: A current state-licensed loan originator that does not have at least 20 hours of approved education accrued will not be able to get any credit unless they have at least 20 hours. For example, if a loan originator has completed 8 hours of approved education a year for the past two years, the total number of accrued hours is 16. He or she is 4 hours short of the 20 hour requirement and would not get credit for the 16 hours.
According to the information provided by the NMLS, it is recommended that loan originators complete the additional hours or they will be required to complete the full 20-hours. Loan originators are encouraged to contact their state mortgage regulator for additional information on this topic. It is our understanding that each state will have to “certify” that a loan originator has completed 20 hours and therefore may be exempt from the 20-hour SAFE requirement.
ProSchools will continue to monitor this topic closely and will publish any relevant information we discover, ono this blog. Subscribe now by email or feed reader to know instantly when we do!