What is the role of the Rhode Island Department of Business Regulation in mortgage transactions?

The Rhode Island Department of Business Regulation plays a crucial role in overseeing compliance with state mortgage laws within the state. This oversight helps ensure that mortgage lenders, brokers, and other related entities adhere to legal standards, protecting consumers from unethical practices as well as ensuring the integrity of the mortgage financing process. The department's regulatory functions include licensing and monitoring these businesses, enforcing compliance with laws governing mortgage transactions, and taking corrective actions when violations occur.

While promoting low-interest loans and assisting consumers in finding mortgage brokers are important aspects of the mortgage industry, they do not fall under the primary role of this department. Additionally, lending money directly to borrowers is not a function of the department; rather, it focuses on regulation and enforcement within the mortgage industry.