What is the primary regulatory authority for mortgage lending in Rhode Island?

The primary regulatory authority for mortgage lending in Rhode Island is the Rhode Island Department of Business Regulation. This department is responsible for overseeing financial institutions, including those involved in mortgage lending, ensuring they operate in compliance with state and federal laws. The Department of Business Regulation provides licenses to mortgage lenders and brokers, conducts examinations, and enforces regulations that protect consumers.

In contrast, the other options do not have the same level of regulatory oversight when it comes to mortgage lending. The Rhode Island Department of Revenue primarily deals with tax administration and fiscal matters, while the Rhode Island Department of Housing focuses more on housing policy and initiatives rather than direct regulation of mortgage lenders. The Rhode Island Mortgage Association, although it may serve a role in promoting mortgage industry interests, does not hold regulatory authority over lending practices. This context highlights the specific function and authority of the Department of Business Regulation in the realm of mortgage lending in the state.