RIMBA Helping Rhode Islanders Get Back to Work with CCRI Partnership

The Rhode Island Mortgage Bankers Association is helping Rhode Islanders get back to work through a new partnership with CCRI and the Rhode Island Department of Labor & Training. Last fall, after Rhode Island’s economy had shed thousands of jobs, we launched a mortgage processing course to give students a foundational understanding of loan production, underwriting, secondary marketing, warehousing, and servicing functions in the mortgage industry. The course is training the next … [Read more...]

RIMBA Announces Consumer Ad Campaign

Warwick, R.I. (May 11, 2020) – The Rhode Island Mortgage Bankers Association is pleased to announce that a new national consumer ad campaign has been launched to help consumers facing financial hardships as a result of the COVID-19 pandemic. The ads also explain how the mortgage industry is working to assist consumers amid these economic difficulties. The ads are running in Politico, USA Today, and the Washington Post. Information for consumers can also be viewed on … [Read more...]

Mortgage Professionals Join Forces for Annual Toys for Tots Breakfast

EAST PROVIDENCE, R.I. (Dec. 3, 2019) — Professionals working in the mortgage industry plowed through snow to participate in the Annual Toys for Tots Breakfast at the Metacomet Golf Club. Dozens of unwrapped gifts quickly piled up, marking another successful event for Rhode Island Mortgage Bankers Association (RIMBA). “It will take a little more than snow to stop our members from attending,” said Patrick Deady, President of RIMBA and Senior Vice President and Director of Residential and … [Read more...]

RIMBA Holds 2019 Annual Dinner

RI Mortgage Association Installs Officers, Names State’s First Certified Mortgage Professional at 2019 Annual Dinner Written by guest writer Jose Garcia Jr. PROVIDENCE, R.I. (November 25, 2019) — Mortgage professionals from across New England gave a standing ovation to Kathleen Caswell, one of several attendees who were honored during the Rhode Island Mortgage Bankers Association’s 2019 Annual Dinner. “In appreciation to your role as a founder, builder, and advocate for the Rhode … [Read more...]

Rhode Island Mortgage Bankers Association Raises More Than $10,000 in Support of Homes For Our Troops

PROVIDENCE, R.I. (September 19, 2019) — Over the course of the three-day New England Mortgage Bankers Conference (NEMBC) in Newport, Rhode Island Mortgage Bankers Association (RIMBA) helped raise nearly $10,000 to support Homes For Our Troops as part of the NEMBC Gives Back campaign. With a matching donation from Birchwood Credit Services Inc., the non-profit organization is set to receive more than $19,000 in donations from mortgage professionals across New England. “Professionals working in … [Read more...]

RIMBA Hosts 2019 Spring Golf Tournament

Community Bonds, Scholastic Achievement Highlighted During Rhode Island Mortgage Bankers Association’s Annual Golf Tournament PROVIDENCE, R.I. (July 11, 2019) —Recently, professionals across Rhode Island arrived at the Pawtucket Country Club for an enjoyable afternoon of golfing and networking. Hosted by the Rhode Island Mortgage Bankers Association (RIMBA), the Spring Golf Tournament also provided an opportunity to celebrate the accomplishments of three ambitious Rhode Island students … [Read more...]

RI Mortgage Bankers Association Offers New Certification to Highlight the Best Mortgage Professionals in the State

PROVIDENCE, R.I. (May 23, 2019) — Rhode Island Mortgage Bankers Association (RIMBA) is joining a handful of states across the country to offer a Certified Mortgage Professional certificate. The new designation is intended to recognize mortgage professionals and RIMBA affiliates who have demonstrated a heightened level of proficiency and commitment within the mortgage industry in Rhode Island. “Mortgage professionals who earn this designation have demonstrated a thorough understanding of local … [Read more...]

Rhode Island Mortgage Bankers Association Joined Habitat for Humanity to Help Build a Lasting Home

PROVIDENCE, R.I. (May 7, 2019) — Mortgage, banking, and finance professionals from Rhode Island Mortgage Bankers Association (RIMBA) rolled up their sleeves to help South County Habitat for Humanity (SCHH) bring a home construction project into its next phase. Volunteers arrived at the site on an early May morning to help two Rhode Island families secure affordable housing at a time when rents in the state continue to rise. Association members and other volunteers surrounded the modest-sized … [Read more...]

Rhode Island Mortgage Bankers Association Advocate for RI Consumers, Lenders During National Conference in DC

PROVIDENCE, R.I. (April 11, 2019) — Mortgage and banking lenders from Rhode Island descended upon Capitol Hill as part of the 2019 National Advocacy Conference. During the two-day event, Patrick Deady, President of the Rhode Island Mortgage Bankers Association (RIMBA), met with Sen. Jack Reed and staff from Rhode Island’s congressional delegation to advocate on behalf of consumers and mortgage professionals in Rhode Island. “A stable real estate economy is essential to maintaining the … [Read more...]

HMDA Reporting on Construction Loans

Article By: Gregg Oberg, Spillane Consulting Associates, Inc. When is Financing “Temporary?” Today I want to take a look at one of the least understood topics in HMDA—temporary financing exemptions. These exemptions most often come up in the context of construction loans (read: commercial loan dept); but the classic “bridge loan” scenario we often see on consumer residential transactions is also captured under the 12 C.F.R. 1003.3(c). Statutory Language The language of the “Temporary … [Read more...]