State mortgage banking associations are crucial to the functioning of the real estate finance industry. Why is this? These groups engage in many beneficial activities to ensure a vibrant and responsible present with an eye to the future.

Every state in the United States has its own mortgage banking association. The size and scope of each individual association depends on their specific and unique needs. More populous states, such as California and New York, require full-time paid staff members to manage business while others, such as Rhode Island, thrive on being small enough to be hands-on. What’s more, the Rhode Island Mortgage Bankers Association (RIMBA) staff is all volunteer, clearly demonstrating their passion and commitment to the real estate industry.

RIMBA recognizes that the policies, regulations, and the overall current state of affairs regarding mortgage lending are dynamic. This constant change issues must be acknowledged to ensure that the interests of all stakeholders are respected, understood, and addressed when needed. Specifically, RIMBA strives to achieve the following through their mandate:

1. Legislative advocate for the real estate industry: A significant aspect of state mortgage banking, legislative advocacy lets mortgage bankers have a clear and distinct voice so that their interests can be heard and understood by those associated with their industry.
2. Education: The best way for any group to succeed is through the continual education of its members. Many state mortgage banking associations run training and continuing education classes so that legislative changes, industry knowledge, and practical training are not just readily available to their members, but are required.
3. Credibility: Belonging to a state mortgage banking association, particularly one that requires continued education, lends offers credibility to its members, which helps consumers and vendors feel more secure and confident in the services they receive.
4. Networking: With courses, training, seminars, periodic meetings and updates, being a member of a state mortgage banking association enables you to get in touch with your audience, as well as other related to the industry. These groups can include depository and non-depository mortgage bankers, mortgage brokers and lenders, and real estate affiliates such as property appraisers, title attorneys, credit bureau professionals, to name just a few. Additionally, you can get greater access to regional events. For example, the RIMBA can access events run by the New England Association of Mortgage Brokers.
5. Corroboration: Through a state mortgage banking association, all related groups, such as lenders or mortgage brokers, can corroborate with each other so that each can understand the perspectives and challenges that the other faces. Through networking and meetings, they can discuss how they are impacted by these challenges and suggest changes or solutions that would benefit everyone.
6. Brainstorming: Having an opportunity to meet, discuss issues, share experiences and solicit informed advice allows those in the real estate industry to build relationships that help key decision markers balance the challenges they face.
7. Pricing: In certain cases, a state mortgage banking association provides the opportunity to access lower pricing through the power of cooperative buying.
8. Charity: Many groups like to give back to their community, and state banking associations are no different. By aiding charities through donations, sponsorships, and old fashioned volunteering, the industry can be represented both effectively and collectivity within the community at large.
9. Fun, fun, fun: The best companion to hard work is fun! Through social events such as golf tournaments, bowling nights, and summer barbecues, members can get together with their peers and have a chance to chat and laugh in a more relaxed setting.

As evidenced above, the benefits surrounding a state mortgage banking association are many. Established in 1989, the RIMBA promotes and encourages solid and reputable business practices in the origination, lending, servicing, and marketing of mortgages.