Who regulates mortgage loan originators in Rhode Island?

In Rhode Island, the regulation of mortgage loan originators falls under the purview of the Rhode Island Department of Business Regulation. This department is tasked with overseeing financial services and enforcing laws that pertain to mortgage practices to ensure consumer protection and industry compliance.

The Department of Business Regulation sets the necessary licensing requirements for mortgage loan originators and ensures they adhere to relevant state and federal regulations. This regulatory framework is vital for maintaining standards within the mortgage industry and protecting consumers from predatory lending practices.

The other choices involve agencies that have different scopes of authority. The state department of revenue primarily focuses on taxation and revenue-related matters rather than mortgage regulation. The Rhode Island Real Estate Commission is involved with licensing real estate professionals, not specifically mortgage loan originators. The Federal Reserve System oversees monetary policy and national banking regulations but does not regulate state-specific mortgage loan practices. Hence, the designation of the Rhode Island Department of Business Regulation as the regulatory authority is accurate and reflects its role in the state's mortgage industry.