Rhode Island Mortgages

The Rhode Island Department of Business Regulation, Division of Banking, regulates the activities of the mortgage industry in the state. The regulations governing the mortgage industry in the state came into effect on August 9, 1998. The Rhode Island Association of Mortgage Brokers regulates the activities of the mortgage brokers in the state.

The Rhode Island Department of Business Regulation, Division of Banking, regulates the activities of the mortgage industry in the state. The regulations governing the mortgage industry in the state came into effect on August 9, 1998. The Rhode Island Association of Mortgage Brokers regulates the activities of the mortgage brokers in the state.

The association is an affiliate of the National Association of Mortgage Brokers (NAMB). The Rhode Island Mortgage Bankers Association also looks after the activities of the mortgage lending industry in the state. The association comprises of companies and professionals who are active players in mortgage lending industry in the state. A non-refundable investigation fee of $275 is required to be paid by the applicants who wish to acquire mortgage brokership in the state. As part of the application process, the applicants are also required to execute a Power of Attorney. Further, the applicants pay an attorney-filing fee of $25. The applicants are also required to deposit a Surety Bond of $10,000. Once the application process is over, a license fee is required to be paid.

Applicants are required to have either an experience in dealing with mortgage related matters or a direct experience of at least five years in the mortgage industry. Unlike in a number of other states, the mortgage brokers in the state of Rhode Island are not required to maintain a physical location. Yet, as a precondition the brokers are required to hire the services of an attorney or an agent who can render legal services if required.