Does the state require a physical location within the state?
No physical presence is required in the state.

Is there individual loan officer licensing?
No.

What are lenders, brokers and loan officers called?
The terms mortgage lender and mortgage broker are used in Rhode Island.

What is the cost of a license? Surety bond? Are there net worth requirements?
Applications for a license must submitted to the director of the Division of Banking. One-half the annual license fee must be submitted with the application as a nonrefundable investigation fee. The annual fee for brokers is $550 and for lenders (and each branch certificate) $1,100. Each licensee must file an annual report on a form prescribed by the director with $55 per license and $55 per branch certificate. Lenders are required to submit a bond of $25,000 and brokers a bond of $10,000.

The manager or the person designated to operate the licensed business must have at least five years experience in the type of business for which a license is applied. The director may consider fewer years' experience, depending on individual circumstances including, but not limited to, the individual's education experience, the complexity of transactions in relation to the type of license sought, and the supervision of the individual by a person having at least five years of qualifying experience in the lending business.

Lenders must maintain a net worth of $100,000 and brokers a net worth of $10,000.

Licenses expire every March 31. Is there a pre-licensing education requirement? Is there a test?
No.

Is there a CE requirement?
No.

Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license?).
Rhode Island issues separate lender and broker licenses.

Are there any state specific high cost loan provisions?
Rhode Island enacted the “Home Loan Protection Act” which became effective May 1, 2007. The act defines a “high risk home loan”. To determine whether a loan falls within the definition of "high-risk home loan," one must determine whether the loan's terms meet or exceed one of the following statutory thresholds:

APR test

For first-lien loans, the APR at consummation is greater than 8 percent above yield on Treasury securities with comparable periods of maturity measured as of the fifteenth day of the month immediately preceding the month in which the loan is made. For junior-lien loans, the APR at consummation is greater than 9 percent above yield on Treasury securities with comparable periods of maturity measured as of the fifteenth day of the month immediately preceding the month in which the loan is made.

Points and fees test

For loans with a total loan amount of $50,000 or more, the total points and fees payable in connection with the home loan, less any excluded points and fees, exceed 5 percent of the total loan amount. For loans with a total loan amount of less than $50,000, the total points and fees payable in connection with the home loan, less any excluded points and fees, exceed 8 percent of the total loan amount. The act places numerous restrictions on the making of both “home loans” and “high risk home loans”.