JOHNSTON, R.I. (December 8, 2021) — The employees of Narragansett Bay Insurance Company (NBIC), a wholly-owned subsidiary…
PROVIDENCE, R.I. (June 23, 2021) –
Amid Rhode Island’s red-hot, record-setting real estate market, the local associations of realtors and mortgage lenders are teaming up to make the process of buying and selling homes smoother and less daunting for consumers.
On May 26, the Rhode Island Association of REALTORS® (RIAR) hosted a panel discussion featuring members of the Rhode Island Mortgage Bankers Association (RIMBA) to discuss related legislation, mortgage lending trends, and how realtors and mortgage professionals can work more closely together.
“The event was an opportunity for our members to share tips that realtors can use to guide their buyers and sellers through the mortgage lending system to ensure a timely closing,” said Thomas Fleming, the Executive Vice President of RIMBA. “We are working together to provide the maximum advantage to the consumer in order to make the real estate buying and selling process as smooth a transaction as possible.”
The two associations—RIAR and RIMBA—have begun working more closely over the past year, collaborating on a number of issues. The panel discussion, “Lending Trends in a Red-Hot Real Estate Market,” was hosted by RIAR over Zoom. It was the first event of its kind in about two decades in Rhode Island. A large, diverse group of real estate professionals attended and the video recording was made available to those who could not attend the live event.
The panel discussion comes at a time when real estate prices are setting records and just after the mortgage industry reached an all-time high for purchases last year. Last April, the median sales price for a single-family home rose by 18.1 percent over the previous year. While demand for homes is at an all-time high, the supply is at a record low. As of mid-May, the current supply of homes on the market was set to be exhausted in a little over a month.
In addition to updates on local legislation affecting the real estate and mortgage markets, the centerpiece of the event was a panel discussion with two local mortgage professionals who answered questions submitted by realtors. Topics included:
- The best practices for the issuance of commitment letters.
- Consulting with mortgage professionals prior to finalizing dates on purchases and sales.
- The importance of having appraisal language in the additional provisions section of the contract.
- Whether realtors can pay their buyer’s agent directly if their buyer agrees.
- The proper use of the Personal Property Addendum.
- Why the size of the down payment isn’t always a good indicator of borrower strength.
- What can and can’t be done in appraisal disputes.
At the event, RIMBA President Al Grant highlighted the importance of the two groups working together amid unprecedented market conditions. “I really believe there is a powerful symbiotic relationship between our two organizations, and I love the growing collaboration,” he said.
About Rhode Island Mortgage Bankers Association
The Rhode Island Mortgage Bankers Association is dedicated to promoting and sustaining responsible home lending in Rhode Island. The mortgage association has over 90 corporate members, which represent thousands of mortgage lenders throughout the state who help businesses and people secure mortgages. As part of its overarching plan to create a better housing market, RIMBA regularly promotes educational initiatives, addresses legislative challenges, and strives to cultivate membership growth. For more information about RIMBA, visit: rimba.org.