In a bulletin, the CFPB states that, consistent with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), a state may grant a transitional loan originator license to an individual who holds a valid loan originator license from another state. The SAFE Act allows states to provide a transitional license to a licensed loan originator who holds a valid license from another state.
 

The bulletin is available at: http://files.consumerfinance.gov/f/201204_cfpb_bulletin_safe-act-transitional-loan-originator-licensing.pdf