It really depends on the state. Many states required either prelicense or continuing education for loan originators prior to the SAFE Act. If you have already taken state-approved education, the general rule of thumb is: if you’ve taken at least 20 hours of state-approved education in the last 5 years, then the state will “certify” that you have complied with the NMLS prelicense education.

There is a “BUT” though. A few states required education BUT did not require the education to be state-approved. That is the case in Virginia. Legislation required loan originators in Virginia to complete 18 hours of specific education but the loan originator’s manager decided if the course was acceptable. Because the 18 hour course was not state-approved, Virginia loan originators will have to take the 20 hour SAFE Comprehensive course by July 1, 2010.

You will need to check with your particular regulatory agency to find out for sure if any education you took previously will count towards the SAFE requirement. ProSchools continues to track the SAFE Act transition plan for each state!