Report Inappropriate Comments

WwkVoter, as usual you are 100% to be skeptical about the two-time election reject's claims.

The most glaring defect with his statement about the supposed drop in licensed mortgage companies is that he offers absolutely no specifics about it, nor does he provide any links or information to back it up.

As usual, it is left to others to research his claims -- and as usual, his comments fall apart under such scrutiny.

In looking into this topic, I found this website page from the RI Department of Business Regulation: http://www.dbr.state.ri.us/nmls/current_licensees.php

It explains that all Rhode Island-based mortgage companies were required to file their license information with the National Mortgage Licensing System, or NMLS, beginning in 2008.

As stated on the website, "The completion of your record in NMLS will be required for your company to renew your Rhode Island Lender and/or Loan Broker License(s) in 2008."

So, this is one possible explanation for why the number changed -- the state no longer licensed mortgage companies after 2008 because of federal legislation.

Aside from that, one would expect to find information with NMLS or another agency that shows a significant drop in licensed mortgage brokers in Rhode Island if the two-time election reject's claim were true -- but again, one would find information that, in fact, disproves his words.

Here is the link to a document called "2017 NMLS Mortgage Industry Report," which is a pretty clear indication of the information that it provides: https://mortgage.nationwidelicensingsystem.org/about/Reports/2017%20Mortgage%20Report.pdf

On page 12, Rhode Island is listed as having 1,829 licensed mortgage companies, a drop of 0.9%.

[I'm sure you've noted, that's not 5,469 to 64.]

And as is typical for the two-time election reject, his opinion does not match that of people with actual knowledge of a topic. Here's what Dean Harrington, President of the Rhode Island Mortgage Bankers’ Association, said about the 2008 legislation:

“It is a remarkable accomplishment to get this bill passed. Ensuring the quality and professionalism of our loan originators is a success for our industry and for consumers. I am honored of RIMBA’s role in making this happen.”

https://www.shamrockfinancial.com/what-you-dont-know-about-nmls-state-licensing-changes/

As that article also explains, part of the 2008 federal SAFE Act established NMLS requirements for non-depository lenders, or those who only work in mortgages.

It's possible that the two-time election reject is suggesting a drop in the number of non-depository lenders in Rhode Island as a result of this reform law -- but, again, he didn't say that.

Also worth noting is that the 2008 regulations on non-depository lenders were a direct result of the fraudulent and predatory activities by these lenders [subprime mortgages &c.].

So, it appears that the two-time election reject is saying that the reduction in non-depository lenders was a bad thing -- as opposed to their predatory business practices.

Given all of these defects in his claim, I think we can safely assume that he had no contact with anyone in Congress and never suggested any legislation, except in his imagination.