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...]

Regional Conference Highlighting Mortgage Trends and Industry Concerns Comes to Rhode Island

NEWPORT, R.I. (September 5, 2019) — One of the most influential mortgage conferences in the United States is coming to Rhode Island. Rhode Island Mortgage Bankers Association is one of five mortgage associations hosting this year’s New England Mortgage Bankers Conference (NEMBC). This three-day conference taking place Sept. 11-13 at Gurney’s Newport Resort & Marina will bring together industry leaders to discuss timely topics about the mortgage industry and strategies to protect consumers … [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...]

The Lesson of Chris Sale

By: Dean Harrington In the 7th inning of game four of the World Series, baseball’s best offensive team found itself starved for runs. The vaunted Red Sox attack had scored a mere three runs in its previous 25 innings, managing just a single hit in the first 6 innings of Saturday’s match-up with the Dodgers. That’s when Red Sox ace pitcher Chris Sale threw his most devastating pitch, aimed squarely at his own teammates no less. The 6’6” Sale rose to his feet in the visitors’ dugout at famed … [Read more...]

Investment Properties Under HMDA

Article By: Gregg Oberg, Spillane Consulting Associates, Inc. It's that wonderful time in the quarter when we put our HMDA data on the LAR once again. Ah, scrub season, you keep us so busy with interesting questions.  While we obviously want to get EVERYTHING right in HMDA, erring on Primary Purpose may be the single most costly mistake you can make. Here's a few tips on how to avoid making a critical mistake.  What’s the Big Deal? Determining whether credit is extended for … [Read more...]

Understanding New HMDA Exemptions

Article by: Gregg Oberg, Spillane Consulting Associates, Inc. The CFPB has provided updated interpretations on HMDA following EGRRCPA. How are you going to implement them?  Background The regulatory reform bill signed into law in May 2018 created two new “partial exemptions” to HMDA reporting; one for open-end loans and one for closed-end loans. Briefly, if you originated less than 500 covered closed-end loans in each of the past two years, you are “partially” exempt from what we’ve come … [Read more...]

Sharing Knowledge in New England

Article By: Gregg Oberg, Spillane Consulting Associates, Inc. One of the great things about SCA is the range of issues we get to see, and the wealth of knowledge we get to tap into while working with dozens of clients on a monthly basis. Today, we'll share some Systems knowledge courtesy of our own Paul Bates and Lance McGrath. What’s New, and What’s Next? We’ve been putting our ears to the ground this summer, out and about New England (and beyond) helping clients understand and solve the … [Read more...]