The Weekly RIMBA Report

December 5, 2022

2022 Platinum Annual Partners
2022 GOLD ANNUAL PARTNERS
UPCOMING EVENTS

The 2023 Membership Renewals are in the process of being emailed to you. Please check your mailboxes. Payments are due by

January 31, 2023.


If you are interested in advertising opportunities

as part of your membership, check out our

 2023 Annual Partnership Program 

Thank you to our members who have renewed for 2023!


Each week we will highlight some of our members who have renewed their dues. This week's highlighted members . . .

Women in Mortgage Banking

committee presents


Five Steps to Better Goal Setting and Planning

with

Blaine Rada, CSP

Arch MI's Sr. Nat. Trainer and Instructional Designer


Luncheon

Tuesday, January 10


Registration Opening This Week!


Be Our Guest

At The New England Mortgage Expo



January 12-13, 2023

Mohegan Sun  


Be sure to stop by our booth #190


Use our complimentary code

RIMBAFREE*


* Complimentary registrations available only to valid NMLS holders who are not industry vendors or service providers. New England Mortgage Expo producers reserve final right to determine eligibility.

Register/Find out More

IMPORTANT INFO FROM MMBA

RIMBA Members!

Do you offer ARM Mortgages in Massachusetts?

Your'e invited to to attend a complimentary webinar - What you need to know about ARM loans in Massachusetts

REGISTER NOW

It is recommended that all lenders who offer adjustable-rate mortgages attend this 1-hour complimentary industry update, where we will review the changes and answer the following questions:

 

·   Are my ARM loans impacted?

·   I have compliance software - could some of my ARM loans met the subprime threshold without being flagged?

·   What do I need to know?

·   What should I do if any of my ARM loans already closed that met the subprime threshold?

 

In addition to answering questions, we will also be using this forum to gather feedback for the Division regarding additional revisions which may be needed.

REGISTER HERE FOR DECEMBER 8 WEBINAR






Background:

Last week the Massachusetts Division of Bank’s issued a revision to Regulatory Bulletin 1.3-104 implementing M.G.L. Chapter 184, Section 17B 1/2 .

 

This revised bulletin was a result of several communications between the MMBA, Massachusetts Bankers Association, the Cooperative Credit Union Association and the Division. An inverted yield curve, rapidly rising interest rates, and the status of 1-year Treasury-indexed ARM's as no longer saleable to Fannie Mae and Freddie Mac caused many adjustable rate mortgages to meet the "subprime mortgage loan" definition in the 2012 Regulatory Bulletin 1.3-104.

 

The MMBA first notified the Division on October 17th, followed by a joint industry letter on October 21st. The Associations provided the Division with joint feedback after meeting with the Division. The Division issued the revised Regulatory Bulletin on Wednesday, November 23, and made it effective the same day.

 

Click here for the revised Regulatory Bulletin 1.3-104 


MEMBER SPOTLIGHT

The Law Offices of Robert A. Ragosta focuses on residential and commercial closings in Rhode Island and Massachusetts.


Attorney Bob Ragosta, with his decades of experience, is knowledgeable in many areas of law. That experience allows him to act as a concierge of legal services for referrals to attorneys across the legal spectrum. Agents, brokers, loan officers, and their family and friends are welcome to take full advantage of this service which ensures them competent representation in any area of the law they may need.


Bob acted as an attorney for Fannie Mae at all of their Rhode Island REO closings for close to two decades.


Bob also served as an Assistant City Solicitor for the City of Cranston, and in January of 2017 Mayor Allan Fung and the City Council appointed Bob as an Auxiliary Probate Judge in Cranston as well as an Associate Judge of the Municipal Court. In addition, Bob is the President of (CASA) Court Appointed Special Advocate for Children. He also serves as a Commissioner and Receiver for the RI Family Court.


Our office has experience in probate law, foreclosures, and tax sales. This experience allows us to guide buyers, sellers, agents, and loan officers through the closing process and get closings to the table. We assist clients with leases, creating of LLC’s and Corporations as well as filings with the Rhode Island Division of Taxation. The office handles personal injury cases and preparation of Wills and Healthcare Powers of Attorney. We practice in all probate courts in the State of Rhode Island.


We pride ourselves on providing outstanding service and availability to all before, during, and after the closing. Title issues are dealt with immediately so as to ensure all closings take place on time.


We support the Rhode Island Mortgage Bankers Association and it’s PAC as well as the various Board of Realtors. Bob is in the Greater Providence Board of Realtor’s Hall of Fame.


The team of Robert A. Ragosta, Carolina Bowry and Kerri Montesi, in conjunction with our attorneys, closers and our underwriters at Commonwealth and Chicago Title Insurance Companies simply get closings done. We value being a resource for realtors and loan officers.

 

We look forward to the opportunity to serve and meet all of our clients and partners real estate and other legal needs.

 

For more information, please contact:

Attorney Bob Ragosta

(401) 274-9900

rragosta@ragostalaw.com

cbowry@ragostalaw.com

kmontesi@ragostalaw.com

663 Atwood Avenue

Cranston, RI 02920 

COMMUNITY INFORMATION

TOWN HALL on the 2022 Status Report on Hunger

The Rhode Island Community Food Bank recently released its annual Status Report on Hunger. The findings in the report are shocking: nearly one in three households can’t afford adequate food. The rate of food insecurity is even higher for families with children and in communities of color. Read more

Donate to the RI Community Food Bank

RIMBA's Online Education AND NMLS CE OFFERINGS

Looking for online training for VA, FHA, USDA?  RIMBA has partnered with the below companies. Be sure to use our link to access these sites.

Diehl Mortgage Training & Compliance


Online Class Offerings:

  • FHA DE Underwriting and Processing*
  • VA Classes for Mortgage Underwriting*
  • USDA Underwriting Training*
  • Mortgage Compliance Training
  • NMLS Education for Mortgage Loan Originators


*RIMBA Members!

Get your $100 Coupon Code Here

Diehl/RIMBA - Find Out More

Learn Mortgage

part of Hondros Education Group


Online NMLS Education


RIMBA Members!

Get Your 25% Discount Code Here

Learn Mortgage/RIMBA Find Out More

RIMBA's Certified Mortgage Professional Designation (CMP)



RIMBA is pleased to offer our valued members the designation of Certified Mortgage Professional.


  • The Real Estate industry has their "REALTORS®"
  • The Accounting industry has their CPA designation
  • The Financial Planning industry has the CFP designation 


Now the RI Mortgage industry has their CMP designation. RIMBA has created the Certified Mortgage Professional for mortgage professionals seeking to demonstrate their dedication to and knowledge of their profession.


Criteria & Application information

SUPPORT THE RIMBA PAC


Stand united with us and support our PAC!



How can you assist us in protecting the mortgage industry by making a political contribution to the RIMBA PAC? 


We are asking for your help in raising funds for RIMBA's PAC through PERSONAL contributions OR through our Payroll Deduction Program.


It is very important that we stand united as an industry to educate our elected officials to help them understand and support the mortgage lending industry. If we don't, they won't be aware of the unintended consequences that well-intended, but misguided legislation can have on borrowers and buyers...your customers.


All contributors will be recognized on our website and at events!



HAVE YOU MADE YOUR CONTRIBUTION FOR 2022?


PERSONAL CONTRIBUTION FORM

Sign Up For Payroll Deduction


Can't Make It? PAC Donations Accepted Here


BECOME A VOLUNTEER
Are you interested in becoming a volunteer for our events and/or joining one of our committees? Contact Carolyn Dion-Motta at info@rimba.org to find out how you can help. Check out our List of Committees and Upcoming Events.
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