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...]

Vendor Management Best Practices

Article By: Gregg Oberg, Spillane Consulting Associates, Inc. When regulatory requirements impact strategic or management action, our goal is to help business leaders make well-informed decisions. Outsourcing a function DOES NOT outsource the corresponding Risk "Reliance on third-party relationships can significantly increase a bank's risk profile, notably strategic, reputation, compliance, and transaction risks. Increased risk most often arises from poor planning, oversight, and control on … [Read more...]

How Are You Keeping Up With Regulatory Changes?

Article By: Gregg Oberg, Spillane Consulting Associates, Inc. When regulatory requirements impact strategic or management action, our goal is to help business leaders make well-informed decisions. With the CFPB, the Only Certainty is Change At this point, we’ve seen so many “will they or won’t they” moments for the 2018 (and beyond) HDMA rule that the CFPB should hire Brett Favre as the official HMDA spokesman. In just the last 30 days, we’ve seen multiple legislative and … [Read more...]

Some Thoughts on Compliance Training

Article By: Gregg Oberg, Spillane Consulting Associates, Inc. Habits that served us well in the past may hurt us after regulatory change. Getting HMDA Wrong? It’s All About the Habits …  Experience is typically viewed as a positive trait, particularly in highly repetitive operations such as mortgage originations. So much so that I’ve always viewed my lack of “Old HMDA” experience as a glaring hole in my knowledge. Those who have reported HMDA transactions for years often know their … [Read more...]

Successors in Interest Under the 2016 Mortgage Servicing Rule

Article By: Gregg Oberg, Spillane Consulting Associates, Inc. Are your policies and procedures ready for the successor in interest rules?  The 2016 Mortgage Servicing Rule, which amends parts of Regs X and Z, creates certain rights for "successors in interest" to the borrower in a mortgage lending transaction. Although most of the 2016 rules have already been implemented, the effective date of these successor in interest provisions is April 19, 2018. Depending on whether you meet certain … [Read more...]

HMDA “Loans in Limbo”: 2017-2018 Timing Issue

Article By: Ben Giumarra, Spillane Consulting Associates, Inc. Remember this later with that 2017-18 reporting window, but also understand now if you're thinking strategically about HMDA 2018. We know that January 1, 2018 is the date new HMDA data collection rules kick in. But what exactly do we do with "loans in limbo" - loans where we take an application in 2017 but don't take final action until 2018?   Side note: I bet a lot of people are going to have this question, but only for … [Read more...]