HOUSING FINANCE AGENCY INNOVATION FUND FOR 

THE HARDEST-HIT HOUSING MARKETS – SECOND ALLOCATION

Submission of Rhode Island Housing 

May 27, 2010 

Amended July 22, 2010 

SECTION ONE 

Background 

Rhode Island has been hit hard by both the overall economic crisis and housing crisis. Surging 

unemployment, a rising tide of foreclosures, recent floodwaters and declining state and local 

revenues have left our families and communities struggling to make ends meet. And while some 

economists predict that we are finally on a gradual slope to recovery, many Rhode Islanders and 

many Rhode Island communities have been devastated. 

Access to $43 million in federal funding through the Housing Finance Agency Innovation Fund 

for Hardest-Hit Housing markets (“HHF” or “Hardest-Hit Fund”) established by the U.S. 

Department of the Treasury (“U.S. Treasury”) will enable qualified Rhode Island homeowners to 

receive direct financial support to help prevent foreclosures and stabilize housing markets. 

Immediately after the allocation was announced, Rhode Island Housing convened a “working 

group” of partners from state agencies, lenders, non-profits and businesses to come together to 

help design effective programs to best utilize these precious funds. Rhode Island Housing, along 

with its community partners, developed a suite of programs that leverage these funds to achieve 

maximum results and keep as many Rhode Islanders in their homes as possible. This group will 

be relied upon to help review and monitor Program performance. 

Beginning in the early 2000s, the State of Rhode Island was disproportionately impacted by 

historic home price increases--leading the U.S. in the rate of increase for 5 quarters from Q3 

2002 through Q3 2003. In addition to skyrocketing prices, in 2003, the Mortgage Bankers’ 

Association estimated that Rhode Island led the U.S. in use of subprime mortgages, which 

accounted for 14% of the mortgage market at the time. The stage was set for the economic 

disaster that was to follow. By 2007, the first wave of households to experience significant 

delinquencies and mortgage failure were those that had been targeted by subprime lenders. 

According to the MBA’s National Delinquency Survey, by Q2 2007, Rhode Island ranked 8th in 

the country for seriously delinquent subprime loans and 16th in delinquent loans overall. For the 

most recent 10 quarters, the State has consistently ranked in the top percentage for delinquent 

loans overall, with 9.23% of all loans either 90+ days past due or in foreclosure inventory, 

representing more than 12,500 loans. 

The second blow to the State’s economic situation is revealed by the State’s unemployment 

statistics. Rhode Island, which already suffers from comparatively lower wages than its southern 

New England neighbors, has exceeded all of New England’s and the national unemployment rate 

since 2007 according to the U.S. Bureau of Labor Statistics. Rhode Island, at 12.6% 

unemployment as of March 2010, was tied for third in the nation with California. According to 
the State’s Department of Labor and Training, there are currently more than 106,000 open claims 

for unemployment insurance. Given the vast loss of income across the state, the landscape of 

foreclosure initiations has evolved as well from being almost exclusively a problem of the State’s 

urban core communities to one that affects the entire State. However, given the State’s 

population density, its urban core communities still represent a majority of the households 

impacted. 

The working group provided thoughtful insight into the design of three primary programs which 

target HAMP and Non-HAMP mortgages, as well as homeowners needing additional temporary 

assistance. The working group demonstrated a need for some more flexible targeting for families 

who have been the most hardest-hit, have special circumstances and need assistance that differs 

from the primary programs and may be needed in higher amounts. There was also significant 

support for providing some assistance to families for whom the best outcome is to find an 

alternative place to live. 

Each Program will be administered in full compliance with, all federal, state, and local laws 

including, but not limited to, the Equal Credit Opportunity Act and the Fair Housing Act, which 

prohibit discrimination on a prohibited basis in connection with mortgage transactions. Mortgage 

modification programs are subject to the fair lending laws. Rhode Island Housing will ensure 

that the Programs do not treat a borrower less favorably than other borrowers on grounds such as 

race, religion, national origin, sex, marital or familial status, age, ability, or receipt of public 

assistance income in connection with any Program. 

Establishment of an Eligible Entity: 

Under HHF Guidelines, an Eligible Entity must be (i) a regulated entity that is (ii) incorporated 

separately from state government itself, and (iii) having the corporate powers to receive HHF 

funds from Treasury. For the reasons set forth below, Rhode Island Housing constitutes an 

Eligible Entity under the Guidelines. 

First, Rhode Island Housing is a regulated entity. Rhode Island Housing is public corporation 

established by Chapter 42 of Title 55 of the Rhode Island General Laws, The Rhode Island 

Housing and Mortgage Finance Corporation Act (the "Act"). Rhode Island Housing is subject to 

various regulatory provisions of state law, such as the Open Meetings Act, (Chapter 46 of Title 

42 of the Rhode Island General Laws), the Access to Public Records Act (Chapter 2 of Title 38 

of the Rhode Island General Laws), the Rhode Island Code of Ethics (Chapter 14 of Title 36 of 

the Rhode Island General Laws). In addition, Rhode Island Housing is subject to various 

sections of the Title 19 of the Rhode Island General Laws governing Financial Institutions, 

including Chapter 9 of Title 19, dealing with Community Obligations and Banking Offenses. 

Second, although Rhode Island Housing is established and regulated by the State of Rhode 

Island, it is incorporated separately from state government itself, and does not constitute a part of 

state government. Section 42-55-4(a) of the Act provides in pertinent part: 

There is authorized the creation and establishment of a public corporation of the state, 

having a distinct legal existence from the state and not constituting a department of 

state government, with the politic and corporate powers as are set forth in this chapter to 

be known as the "Rhode Island housing and mortgage finance corporation" to carry out 

the provisions of this chapter. (Emphasis supplied.) 
Several provisions of the Act further confirm that Rhode Island Housing is not a part of state 

government itself. Rhode Island Housing is not a constituent part of the state budget, but is a 

self-supporting organization. The powers of Rhode Island Housing are vested in a seven-person 

Board of Commissioners. R.I.G.L. Section 42-55-4(b). The debts and obligations of Rhode 

Island Housing are not debts and obligations of state government. R.I.G.L. Section 42-55-19. 

Finally, Rhode Island Housing has the corporate power to receive funds from Treasury under the 

HHF initiative. Section 42-55-5 of the Act sets forth the general powers of Rhode Island 

Housing. These powers include the authority to "enter into agreements or other transactions with 

and accept grants and the cooperation of the United States or any governmental agency or 

instrumentality thereof" (Section 42-55-5(8)) and the authority to "receive and accept aid or 

contributions from any source ... to carry out the purposes of this chapter subject to the 

conditions upon which the grants and contributions may be made" (Section 42-55-5(10)). 

SECTION TWO 

a. Overview of Program 

As designed, these programs will create a comprehensive battle plan to fight foreclosure in 

Rhode Island providing assistance and relief to individuals, families, neighborhoods, 

communities and the state as a whole. In a state as dense as Rhode Island helping 5,000 families 

avoid foreclosure will have a major beneficial impact. 

In considering the program design, a great deal of attention was given to the maximum amount 

of assistance which could be offered to homeowners, knowing that tens of thousands of Rhode 

Island homeowners have experienced a financial set-back and are at the risk of foreclosure. Our 

goal is to assist the greatest number of families in an amount sufficient to have a significant 

likelihood of preventing foreclosure. In addition, all eligible borrowers must document the 

hardship placing them at risk of foreclosure. The hardship may include unemployment or 

underemployment.

Rhode Island Housing’s HHF Program is designed to provide alternative and flexible assistance 

options. The maximum amount of assistance is targeted at $6,000 per household, although up to 

$30,000 in assistance may be available in exceptional circumstances to targeted homeowners. 

Most funds will be provided in the form of a zero-percent interest loan forgivable at 20% per 

year over 5 years, if the homeowner fulfills his or her obligations under the assistance agreement. 

In addition, grants may be provided under one of the programs described below. 

Rhode Island Housing proposes four programs: 

1. Loan Modification Assistance for HAMP Customers (LMA-HAMP) 

2. Loan Modification Assistance for Non-HAMP Customers (LMA-Non-HAMP), 

3. Temporary and Immediate Homeowner Assistance (TIHA) 

4. Moving Forward Assistance (MFA) 

There are two major categories of lenders serving Rhode Island homeowners. One group consists 

of large national lenders who participate in the federally structured HAMP program. While 
HAMP does provide federal funds to help the homeowner and the lender, it also comes with 

major limitations, particularly for unemployed borrowers. 

The other major category of lenders consists of smaller lenders not governed by HAMP who 

may also offer local servicing. Two of the major proposed programs, LMA-HAMP and LMANon-HAMP, address these two classes of lenders and contributes up to $6,000 per transaction to 

help lenders and borrowers reach a settlement that allows the homeowner to remain in the home. 

Additional aid may be available to targeted homeowners under Temporary and Immediate 

Homeowner Assistance (TIHA). 

The third major program, TIHA, provides other temporary or immediate assistance to prevent 

foreclosure. The TIHA program also has a limit of $6,000. Borrowers accessing either the LMAHAMP or the LMA-Non-HAMP programs can receive additional assistance under the TIHA 

program up to $2,500 to supplement a mortgage workout. Additionally, up to $30,000 in 

assistance may be available to targeted homeowners under Temporary and Immediate 

Homeowner Assistance (TIHA). 

Funds provided under the fourth program, MFA, for those who can no longer afford to stay in 

their home, are capped at $4,000 and will be in form of a grant. Additional aid may be available 

to targeted homeowners under Temporary and Immediate Homeowner Assistance (TIHA). 

In total, these much-needed HHF funds will bring relief to nearly five thousand homeowners at 

risk of losing their homes due to job loss or other financial hardship that has occurred beyond the 

homeowners control since the inception of the mortgage loan. We will be targeting Rhode 

Islanders who are struggling due to job loss and job cutbacks. Our hope is that our lender 

partners will see that, in helping to leverage the program, they not only will help their existing 

customers, but will free up other money for new customers. When done right, the effects of this 

investment will be felt throughout the business community and the neighborhoods for the long 

term. Rhode Island Housing’s goal is to design, implement and manage programs to help prevent 

foreclosures and stabilize housing markets. 

Throughout the life of the HFA Hardest-Hit Fund Program, Rhode Island Housing will monitor 

program performance adopt new Programs and / or re-allocate funding across Programs based on 

Program performance subject to review and approval by U.S. Treasury. 

Each proposed program is further described below. 

1. Loan Modification Assistance for HAMP Customers (LMA-HAMP) 

HAMP is the primary federal foreclosure prevention program for major lenders and is designed 

to assist at-risk homeowners avoid foreclosure by reducing monthly mortgage payments through 

loan modifications. Under the HAMP program, the federal government provides direct 

incentives for homeowners and lenders to renegotiate mortgage payments to a sustainable level. 

The lender is responsible for reducing payments to 38% of the borrower’s current gross monthly 

income and the federal government will share in a further reduction to 31% of borrower’s current 

income. Lenders conduct an analysis comparing the net present value (NPV) cost of modifying 

the loan pursuant to HAMP guidelines versus the NPV cost of foreclosure. There is evidence 

that, in many circumstances, less than $10,000 can reverse an adverse decision arising out of that 

analysis. 
LMA-HAMP program will provide up to $6,000 in assistance to allow the homeowner to qualify 

for a HAMP modification provided that: (i) the Lender can document that it has made 

contributions having a value of at least an equal amount, (ii) the borrower contributes at least 

20% of the advanced amount and (iii) a HAMP modification agreement for a minimum 5-year 

term is signed by the borrower and lender. The lender contribution may be in the form of an 

interest rate reduction, extension of the mortgage term or principal forbearance or forgiveness. 

Forgiveness or forbearance of late fees or costs of collection will not be counted toward the 

match. In addition to the $6,000 permitted under this program, an additional $2,500 may be 

available under the Temporary and Immediate Homeowner Assistance program for special 

circumstances, such as where the borrower has insufficient funds to provide the match, where 

there may be a third-party creditor, or when an escrow shortfall needs addressing. In addition, up 

to $30,000 in total assistance may be available for targeted homeowners who are at risk of 

foreclosure through the TIHA program. 

Payments under this program will be made to the lender or third-party on behalf of the borrower 

on a monthly or lump sum basis. If the lender elects to participate in this program, they must 

agree in writing to participate in mediation with a HUD-approved counseling agency if the 

borrower subsequently becomes more than 60 additional days delinquent within the 5 year 

modification period, before it can proceed to foreclosure. 

All borrowers participating in this program option must work through a HUD-approved 

counseling agency for eligibility screening and intake. 

Goal: 1,150 families Budget: $6.90 million 

2. Loan Modification Assistance for Non-HAMP Customers (LMA-Non-HAMP) Many 

local and regional lenders do not participate in the HAMP program. Many of their customers are 

also struggling to meet mortgage payments. LMA-Non-HAMP will provide up to $6,000 to 

assist the borrower and lender to achieve a workout. As a condition of participating in this 

program, lenders must agree to assume the full cost of modifying the loan, for a minimum of 12 

months, to a payment amount that is 38% of the borrower’s income (“debt to income ratio” or 

“DTI”) based on the borrower’s income at the time when the loan was originally made. 

Assistance under this program will be made to the lenders to further modify the loan to reduce 

the payment to a level that is 35% or 31% housing debt to income ratio based on the borrower’s 

current income. The lender will match HHF funds on a one-for-one basis to fund these additional 

reductions, subject to a $6,000 cap of HHF assistance. The lender contribution may be in the 

form of an interest rate reduction, extension of the mortgage term or principal forbearance or 

forgiveness. Forgiveness or forbearance of late fees or costs of collection will not count toward 

the match. The lender must agree in writing to mediation with a HUD-approved counseling 

agency if the borrower becomes more than 60 days delinquent and is at risk of foreclosure during 

the subsequent 24 month period before it can proceed to foreclosure. 

Lenders participating in this program who demonstrate local servicing capability may access the 

program directly. In other circumstances the borrower must be represented by a HUD-approved 

counseling organization. An additional $2,500 may be available under the Temporary and 

Immediate Assistance program in special circumstances where there may be a third-party 

creditor or escrow that needs addressing. In addition, up to $30,000 in total assistance may be 

available for targeted homeowners who are at risk of foreclosure through the TIHA program. 
Goal: 1,500 families Budget: $9.0 million 

3. Temporary and Immediate Homeowner Assistance (TIHA) 

There are many situations where payments made by or on behalf of the borrower toward the first 

mortgage are not sufficient to prevent an avoidable foreclosure. These include, but are not 

limited to, situations where a borrower has had a temporary loss of income or increase in 

expenses that have created a first mortgage delinquency or another delinquency that has or may 

result in a default under the first mortgage, which, if not cured, may result in foreclosure. This 

situation could arise even when the borrower’s current income may be sufficient to pay the first 

mortgage going forward. There are also situations where a borrower cannot provide the matching 

funds needed under LMA-HAMP or LMA-Non-HAMP, or where the borrower needs temporary 

supplemental mortgage payment assistance for the borrower and lender to agree on a mortgage 

modification. This is frequently the result of a temporary interruption in or reduction of 

employment. 

Borrower must be able to document the reason for the hardship and will be required to complete 

a Hardship Affidavit. A hardship is defined as an uncontrollable increase in housing expense or 

an uncontrollable decrease in income that has placed the homeowner at risk of foreclosure. 

Additionally, the homeowners combined income loss or expense increase under the TIHA 

program must be greater than the indicated percentage of income at the time the loan was made 

according to the following schedule: 

Income Level Combined minimum income loss or cost increase 

less than $35,000 up to 5% 

$35,001 to $50,000 5% 

$50,001 to $65,000 10% 

$65,001 to $80,000 15% 

above $80,000 20% 

The maximum amount of assistance under TIHA is $6,000 per household, but is limited to 

$2,500 when the maximum assistance has been provided under LMA-HAMP or LMA NonHAMP. The combined assistance permitted under these programs is $8,500 per household and 

may be made on a lump sum or monthly basis. In addition, up to $30,000 in total assistance may 

be available for targeted homeowners who are at risk of foreclosure. Target homeowners include: 

 HHF-eligible homeowners age 62 and over who are unable to refinance an unaffordable 

mortgage and need assistance to meet the lender’s minimum refinancing requirements 

 HHF-eligible homeowners who have a deed restricted property and have received federal or 

state subsidies and are at risk of foreclosure. 

 HHF-eligible multi-family property homeowners who have experienced a loss of rental 

income that has compromised their ability to afford their mortgage payment. 

 HHF-eligible homeowners who have received FEMA or other federal flood assistance and 

still need assistance due to extensive property damage 

Payments under this program may only be advanced upon a determination that such payment is 

essential to preventing an otherwise avoidable foreclosure. 

Goal: 1,800 families Budget: $16.5 million 
4. Moving Forward Assistance (MFA) 

This program is designed to provide eligible homeowners with assistance to facilitate a short sale 

or deed-in-lieu of foreclosure when it is determined that they can no longer afford to stay in their 

home. It can be used only when other federal programs are not available. 

In some circumstances the best outcome for borrower, lender and community may be for the 

borrower to relinquish the property in an orderly process. MFA assistance can take the form of a 

contribution to the primary or secondary lender to help facilitate a short sale or deed in lieu of 

foreclosure. It could also be used to provide the borrower relocation assistance including a 

security deposit/first and last months rent, moving expenses, moving van expenses, or utility 

deposit MFA assistance could be used to satisfy subordinate or superior real estate tax liens 

against the real estate that prevent the homeowner from transferring clear title. These liens may 

include judgments, mechanics liens, defects, inheritance taxes, water fess, fire district or sewer 

fees, condo fees, PUD lien sale or other legal encumbrances on the property or to satisfy 

judgments or loan deficiency balances resulting from a short sale.

Funds will be provided directly to the ultimate recipient (i.e. lender, apartment owner), not 

through the borrower. Assistance under this program will be limited to $4,000 per family; 

$1,500 to facilitate a short sale or deed in lieu of foreclosure and $2,500 to assist the homeowner 

with relocation. Additionally in special circumstances, up to $30,000 aid may be available 

through the TIHA program to facilitate a short sale or deed-in-lieu of foreclosure for 

homeowners of targeted properties that are at risk of foreclosure. 

Targeted homeowners are: 

• HHF-eligible homeowners who have a deed restricted property and have received federal 

or state subsidies and are at risk of foreclosure. 

Goals: 550 families Budget: $3.5 million 

B. General Program Guidelines 

• Hardship. Eligible borrowers receiving HHF Program funds must be able to document 

hardship circumstances that have occurred subsequent to the making of the loan and 

places the borrower at risk of foreclosure. A hardship is defined as an uncontrollable 

increase in housing expenses or an uncontrollable decrease in income. Examples of a 

hardship include: unemployment, reduction of income, underemployment, death or 

disability in family, unforeseen medical expense, and costly home repairs. A loss of home 

value does not, in itself, constitute a financial hardship, but may be considered a 

contributing factor in the evaluation of the request for assistance. Assistance will be 

commensurate with the severity of the hardship, up to the maximum amount allowed for 

the specific program. Assistance is only available to households who have exhausted all 

options in remaining current on their mortgage payments. Overall financial assistance is 

capped at $8,500 per eligible owner-occupant household except in exceptional 

circumstances where up to $30,000 of assistance may be available to targeted 

homeowners. 

• Income Limits. Rhode Island’s Mortgage Revenue Bond income limits apply to all 

assistance programs. These eligibility limits are based on current income and family size. 
They are generally up to 140 percent of area median income. Currently, one or two 

person households can earn up to $87,800. Households of three or more can earn up to 

$102,400. 

• Eligible Properties. Assistance will be provided to owners of one-to four-family 

properties and condominiums only if the owner occupies one unit in the structure as their 

primary residence provided the original mortgage was not greater than $729,750 as 

specified in the ‘Treasury’s Guidelines for HFA Proposal Submission’. 

• Targeting. If the volume of requests for assistance under the program exceeds the 

available funds, priority shall be given to the communities which have the highest levels 

of unemployment and foreclosures. Otherwise, financial assistance will be available to 

qualified hardest hit borrowers throughout Rhode Island. 

• Intake. Funding reimbursement will be provided to HUD-approved counseling 

organizations, certified by Rhode Island Housing, under the Hardest-Hit Fund guidelines 

who provide intake and modification/work-out services. HHF-certified counseling 

organizations will receive $200 for each fully completed intake application and an 

additional $400 for each successful work-out. The post-intake work may be delegated to 

another HUD-approved and Rhode Island Housing HHF-certified counseling 

organization. Rhode Island Housing’s HelpCenter is a HUD-approved counseling center 

and may provide intake and modification/work-out to participants in the Hardest-Hit 

Program and be reimbursed in the same manner as other HUD approved counselors. 

Intake screening will determine eligibility for the HHF Program. 

• Documentation. All borrowers seeking assistance under these programs must provide 

full documentation of personal and financial circumstances including copies of federal 

tax returns and authorization to verify such documentation. All lenders/servicers 

participating in these programs must certify in each circumstance that they have not 

provided assistance to other borrowers in a manner that covers similar items that are 

being funded by this assistance. Borrowers and lenders/servicers must provide an 

affidavit certifying the accuracy of submitted documentation and acknowledging that 

providing false information in order to obtain these funds may result in criminal 

prosecution as well as a civil action to recover the funds. 

• Eligibility of Rhode Island Housing Borrowers. Rhode Island Housing borrowers are 

eligible to participate in any of the programs described above except for the HAMP loan 

modification assistance program. 

b. Population served and allocation methodology 

Methodology 

In response to the U.S. Treasury’s proposal guidelines that require Rhode Island Housing to 

identify the population served and the allocation methodology, Rhode Island Housing collected 

data from a variety of sources including major lenders, loan servicers, mortgage loan 

repositories, the State of Rhode Island Department of Labor and Training and the Federal 

Reserve Bank of Boston, among others, and shared information on delinquencies and 

unemployment with the working group. The consensus of the working group is that the 

unemployment crisis and record numbers of foreclosures have impacted every community in the 

State of Rhode Island and therefore eligible participants may live in any community. However, 

given the geographic concentration of delinquencies and unemployed Rhode Islanders, we 
expect that the funds will be concentrated within the 12 communities in the State most impacted 

by foreclosures and will primarily be spent in communities with an unemployment rate in excess 

of 12%. 

In designing the various programs for the Hardest Hit Fund, we have attempted to maximize the 

number of homeowners who will be assisted by the program by offering a variety of flexible 

approaches to meet most circumstances. We are projecting assistance to a total of 5,000 

homeowners over a twenty-four month period. This number is based on the limits of funding 

available as well as an analysis of recent loan delinquencies and data from our NeighborWorks®

America, National Foreclosure Mitigation Counseling (NFMC) grant program. By offering 

intake and triage through our partner non-profit counseling agencies in the community as well as 

through our HelpCenter, which is located in downtown Providence, and through our outreach 

efforts, we will be reaching out to borrowers in the areas with the highest concentration of need. 

Hardest Hit Funds will be available for distribution 30 days after U.S. Treasury approval of 

Rhode Island’s plan. We anticipate the Program life to be 24 months.

Rhode Island Housing acknowledges that one of the current hindrances to loan modification 

programs is the difficulty associated with the transfer of borrower financial information and 

program documents to and from loan servicing operations. We will make every effort to build 

working relationships that streamline current processes to deliver assistance to HHF Program 

recipients as expeditiously as possible. 

It is anticipated the Rhode Island Housing programs which includes Land Bank, Construction 

Loans, Home Repair Loans, and Home Equity Conversion Mortgages may interact with the HHF 

Programs. Lender contributions may include one-for-one match, short sales or deed in lieu of 

foreclosures, loan modifications, loan forbearances, Home Equity Conversion Mortgages, Home 

Repair Loans and lender contribution to the Hardest of Hardest-Hit sub-initiatives pool of fund. 

c. Demonstration of capacity to implement 

Background on Rhode Island Housing 

For more than 35 years, Rhode Island Housing has been making it easier for people to make 

Rhode Island their home. 

We provide low-interest loans, grants, education, advocacy and consumer counseling to help our 

customers rent, buy and retain their homes. We also offer special programs to ensure that these 

homes are safe and healthy. From our rental assistance programs, Homebuyer Education and 

safe, affordable mortgages, to our partnerships with developers and our work with non-profit 

community organizations, Rhode Island Housing is the state’s leading resource for addressing 

housing needs. 

Working together - with our residents, community partners, businesses and city, town and state 

leaders- we have helped more than 60,000 families buy homes and have financed the creation of 

more than 14,000 homes to rent that low- and moderate-income Rhode Islanders now call home. 

Over the past three decades, we have invested $3.2 billion in the purchase, construction or 

renovation of homes and apartments in Rhode Island to make them safe and healthy. 
In response to the foreclosure crisis, Rhode Island Housing HelpCenter opened its doors in 

November of 2007. The HelpCenter was created to serve as a triage center and provide free 

independent, comprehensive counseling and partner referrals to Rhode Island families at risk of 

losing their homes. To date over 7,000 families have sought assistance from the HelpCenter. 

Our trained HUD-approved counselors have provided direct counseling and negotiated with 

lenders to assist over 3,000 families avoid foreclosure. 

Rhode Island Housing is a self-sustaining public agency, which generates its own operating 

income, without state funding. Everything we earn is reinvested to provide safe, healthy homes 

for Rhode Islanders. We were formed by the State Legislature to tackle Rhode Island’s 

widespread, critical housing issues, but we do so as a private entity, bringing about 400 million 

in investor dollars into the state each year, by selling tax-exempt bonds. 

Rhode Island Housing has earned 13 national housing awards for our innovative and effective 

programs. Rhode Island Housing is one of a handful of state housing finance agencies 

nationwide to have earned Standard & Poor’s “Top Tier” designation, a tribute to our 

management capability and fiscal responsibility. 

Experienced Staff 

Rhode Island Housing’s lending, servicing and counseling programs are managed and 

administered by a team of experienced senior staff who collectively have over 200 years of 

experience in mortgage finance, affordable housing bond program development and 

administration. Rhode Island Housing’s Management Staff, titles and years of experience are as 

follows: 

Richard Godfrey, Executive Director 

Mr. Godfrey joined Rhode Island Housing in November 1993 as Executive Director. Prior to 

his appointment, he was a partner in the law of Hannock Weisman from 1990 to 1993 and the 

law firm of Hawkins, Delafield and Wood from 1988 to 1990, specializing in financial and 

urban development matters. Mr. Godfrey served as the Deputy Treasurer and Executive 

Director of the Department of the Treasury of the State of New Jersey from 1986 to 1988, 

and held a number of positions at the New Jersey Housing and Mortgage Finance Agency 

from 1978 through 1986, including Acting Executive Director and Deputy Director. Mr. 

Godfrey holds a bachelor of Arts in Architecture and Urban Planning from Princeton 

University and Juris Doctorate from Seton Hall University. 

Susan Bodington, Deputy Director of Programs 

Ms. Bodington joined Rhode Island Housing in 1991 and served as the HOME Program 

Coordinator from 1992 to 1993. She then served as Assistant Director for Housing Policy 

until her appointment as Director of Policy in 1998. She was appointed Deputy Director of 

Programs in September, 2003. Prior to joining Rhode Island, Ms. Bodington was 

Community Development Programs Manager for the State of Rhode Island from 1985 to 

1991 and previously held planning and community development positions with the Cities of 

Providence and East Providence. Ms. Bodington holds a Bachelor of Arts degree in 

Economics from Smith College. 

Thomas F. Hogg, Deputy Director & CFO 
Mr. Hogg joined Rhode Island Housing in October, 1994 as Chief Financial Officer and 

Director of Staff Operations. He became Deputy Director of Finance for Rhode Island 

Housing in 1998. Prior to his appointment, he was Vice President and Treasurer of RIAC, a 

company that raised private capital for the purpose of purchasing financial institutions from 

the Resolution Trust Corporation. From 1970 to 1993, Mr. Hogg held a variety of positions 

at Old Stone Corporation, a financial services company, including Executive Vice President 

of Finance. Mr. Hogg holds a Bachelor of Arts degree in Economics/Engineering from 

Brown University and a Master of Business Administration degree from the University of 

Rhode Island. 

Cathleen A. Paniccia, Director of Homeownership 

Ms. Paniccia joined Rhode Island Housing in June, 1995 as its Director of Homeownership 

Opportunities Programs. Ms. Paniccia is responsible for the agency’s single family mortgage 

programs design and production. Ms. Paniccia was responsible for establishing the agency’s 

in-house mortgage servicing operation, retail loan production center and the agency’s 

HelpCenter, an independent, HUD-approved counseling agency dedicated to providing 

professional support and education to help Rhode Islanders at risk of foreclosure. Prior to 

her appointment, Ms. Paniccia was Senior Vice President responsible for Old Stone Bank’s 

Residential Mortgage Department from 1990 to 1995. Between 1976 and 1995, she held 

various management positions within the residential lending and servicing areas of Old Stone 

Bank, Rhode Island Hospital Trust National Bank and Mercury Savings and Loan. Ms. 

Paniccia has served on the board of the Rhode Island Mortgage Bankers Association since 

1996 and currently chairs its education committee. 

Leslie McKnight, Director of Loan Servicing 

Ms. McKnight joined Rhode Island Housing in June, 1995 as Mortgage Servicing Default 

Manager. She was appointed Assistant Director in September, 2000 and Director of Loan 

Servicing in September, 2003. Ms. McKnight was instrumental in implementing the agency’s 

in-house servicing operation in 1995. This operation currently services $1.1 billion of 1-4 

family residential mortgages and $350 million of multi-family mortgages. In her role as 

Director of Loan Servicing, Ms. McKnight is accountable for the cost-effective management 

of the agency’s loan portfolio and ensures that the single family portfolio is properly serviced 

in compliance with bond indentures requirements, appropriate mortgage insurer, investors, 

FHA, VA, Rural Development, agency guidelines and state and federal regulations. Prior to 

joining Rhode Island Housing, Ms. McKnight worked as a Loan Workout Specialist for 

Plymouth Mortgage Company from 1991 to 1995. With over 27 years of mortgage lending 

and retail banking experience, Ms. McKnight has held various management positions since 

1982. Ms. McKnight received her Bachelor of Science Degree in Business Administration 

from Bryant College. 

Michael V. Milito, Deputy Assistant Director, Law and Human Resources 

Mr. Milito joined Rhode Island Housing in July, 1998 as Corporation Counsel, and was 

appointed Deputy Assistant Director for Law and Human Resources in July, 2000. Prior to 

joining the agency, Mr. Milito was a consultant engaged in affordable housing development 

from 1996 through 1998. From 1994 through 1996, Mr. Milito was the Community 

Reinvestment Manager for Citizens Bank. From 1989 through 1994, Mr. Milito was engaged 

in affordable housing development on behalf of nonprofit organizations in Rhode Island. Mr. 

Milito was a staff attorney in the housing unit with Rhode Island Legal Services from 1982 to 
1989. Mr. Milito received a Bachelor of Arts degree from Le Moyne College and a Juris 

Doctorate from Northeastern University School of Law. 

Kara L. Lachapelle - Controller 

Ms. Lachapelle joined Rhode Island Housing in October, 2001 and served as Assistant 

Controller from 2001 to 2007. She was appointed Controller in January, 2007. Ms. 

Lachapelle is also responsible for the agency’s investor accounting function which currently 

includes reconciliation and remittance to the Bond Trustee of our current residential loan 

portfolio of $1.2 billion. In addition, Ms. Lachapelle is responsible for the reconciliation and 

remittance of the agency’s $350 million multi-family portfolio. From 1997 to 2001, Ms. 

Lachapelle held various positions in public accounting at Rooney, Plokin & Willey, 

specializing in governmental and non-profit audit clients. Ms. Lachapelle also worked in the 

Trust Department at Durfee Attleboro Bank. She is a member of the America Institute of 

Certified Public Accountants and received a Bachelor of Science Degree from Bryant 

College. 

Technology & System Infrastructure 

Rhode Island Housing will primarily utilize its current infrastructure and systems to administer 

HHF Program dollars efficiently and effectively to achieve Program goals. There will be some 

new technology developed specifically for the HHF Programs to capture, track and monitor each 

program transaction. Rhode Island Housing will explore every opportunity to leverage in-house 

resources and technologies and external industry processes, workflows, and reports that are 

already in use by the industry to perform loss mitigation activities. 

Internal Controls 

Rhode Island Housing will develop a comprehensive list of data elements and internal control 

points for each HHF Program from which we will perform regular quality assurance tests, fraud 

and risk mitigation protocols. The primary elements of any quality fraud mitigation program 

include timely identification, validation and verification of the processes core areas of risk. In 

this program, we will focus on validating, verifying and reviewing information provided by the 

borrower, loan originator, loan servicer, lender and other outside organizations that are a party to 

the transaction. 

Borrowers and lenders/servicers must provide an affidavit certifying the accuracy of submitted 

documentation and acknowledging that providing false information in order to obtain these funds 

may result in criminal prosecution as well as a civil action to recover the funds. 

d. Localization to help areas with concentrated economic distress 

Rhode Island Housing has been tracking the foreclosure crisis as it unfolded since late 2006, 

when we first began to analyze foreclosure initiation data. As the crisis progressed, we have 

made monthly reports to our Board covering not only foreclosure initiations but also, when 

available, national and regional data, including actual foreclosures. In addition, for our 2008 

Neighborhood Stabilization Program application, Federal Reserve Bank of Boston analyses of 

American Loan Performance and McDash data on mortgage performance and characteristics, 

and the Mortgage Bankers’ Association National Delinquency Survey were reviewed. 
For the Hardest Hit Fund application, we also analyzed unemployment statistics from the Rhode 

Island Department of Labor and Training as well as the U.S. Bureau of Labor Statistics, and 

reviewed Census Tract details for FEMA applications after the historic flooding that hit March 

30-31, 2010. 

Based on the analysis of the above data, and given Rhode Island’s small size and highly 

concentrated at-risk population, HHF funds will be available statewide. However, the bulk of 

the funding will be targeted to those communities most impacted by foreclosures and 

unemployment. 

The eleven most populous cities are home to nearly 63% of the state’s population, and these 

cities are also congruent with the worst of the state’s dual economic crises of foreclosure and 

unemployment. The twelfth city that Rhode Island’s plan will target, Central Falls, is small in 

size, but disproportionately impacted by all measures due to its socio-economic make-up. This 

twelve community target area comprises approximately 65% of the state’s total population. 

As illustrated in Table 1 and 2, these cities are the top twelve hardest hit communities in the 

State based on the number of delinquencies, the number of unemployed, and the number of 

customers served by the HelpCenter in 2009. These communities represent from 65% to 82% of 

the economic distress measures of foreclosure initiations, mortgage delinquencies, and 

unemployment claims. Additionally, these cities are home to nearly 84% of Rhode Island 

Housing’s HelpCenter customers, which was set up in November 2007, to help counsel the 

homeowners of the then-emerging foreclosure crisis. The HelpCenter, as well as the other HUD 

approved counseling agencies in the State, are also all located within these 12 targeted 

communities and will be providing outreach to eligible homeowners. We anticipate that 

approximately 70% of the Hardest-Hit Funds will be disbursed on behalf of homeowners in these 

top 12 communities.

As noted, Hardest-Hit Funds will be available to every community in the State. Thirty of the 

State’s thirty-nine cities and towns had unemployment rates of 12% or higher in February 2010. 

These communities represent about 85.45% of the State’s population. We therefore estimate that 

at least 85% of the Hardest-Hit Funds will benefit homeowners in communities with 

unemployment rates of 12% or higher. 

As the program progresses, we anticipate continuing to analyze data sets to monitor progress in 

achieving our goals and keeping the programs fine-tuned to reflect the needs of our State’s 

homeowners. 
Table 

Rhode Island Housing Hard

Data Meas

Cities Foreclosure Initiations Cities 90-day Delinquencies Cities 

Providence 1,793 Providence 1,066 Providence Warwick 986 Warwick 462 Warwick Cranston 599 Cranston 383 Cranston Pawtucket 596 Pawtucket 335 Pawtucket Woonsocket 379 Johnston 179 East Providence West Warwick 324 Woonsocket 168 Coventry North Providence 302 E. Providence 160 West Warwick Johnston 300 Coventry 148 Johnston Coventry 267 West Warwick 143 Woonsocket East Providence 233 Cumberland 103 Cumberland Cumberland 172 Central Falls 82 North Providence Central Falls 150 N. Providence 69 Central Falls 

6,101 3,298 

81.71% of state’s total 76.13% of state’s total 71.78% of sta

Data Sources: 1. Foreclosure Initiations (April 2009-March 2010), Kent County Daily Tim2. Delinquencies, Federal Reserve Bank of Boston analysis of McDash d3. Unemployment Claims, RI Department of Labor and Training and US 4. Rhode Island Housing HelpCenter clients (March 2007-March 2010), 

Foreclosure Mitigation Counseling Grant 
Table 2 

Rhode Island Unemployment Rates 

Municipality 2000 Census Population UE Rate--Feb 2010 (BLS) 

New Shoreham 1,010 27.5% 

Little Compton 3,593 15.5% 

Woonsocket 43,224 15.4% 

Central Falls 18,928 15.4% 

Tiverton 15,260 14.9% 

Johnston 28,219 14.8% 

Burrillville 15,796 14.7% 

Charlestown 7,859 14.7% 

Providence 173,618 14.6% 

Newport 26,475 14.6% 

East Providence 48,688 14.5% 

West Warwick 29,581 14.4% 

Hopkinton 7,836 14.3% 

Warren 11,360 14.1% 

Pawtucket 72,958 14.0% 

Foster 4,274 13.9% 

Middletown 17,334 13.5% 

Scituate 10,324 13.3% 

Bristol 22,469 13.2% 

Coventry 33,638 13.0% 

Smithfield 20,589 13.0% 

Cranston 79,269 12.8% 

East Greenwich 12,948 12.8% 

Cumberland 31,840 12.3% 

Exeter 6,045 12.3% 

North Providence 32,411 12.2% 

West Greenwich 5,115 12.2% 

Lincoln 20,898 12.1% 

North Smithfield 10,618 12.1% 

Warwick 85,808 12.0% 

897,985 

Total State Population 1,050,788 

% of population over 12%UE rate 85.45% 
e. Staffing and business partners 

We expect that an initial wave of borrowers will contact Rhode Island Housing’s 

HelpCenter, other Rhode Island HUD-approved counseling agencies or lender/servicers 

seeking to take advantage of one or more of the new HHF Programs. Through the first 6 

months we anticipate a heavy monthly inflow of borrowers that are experiencing 

financial hardships or have newly defaulted on their loans as lender servicers work 

through their pipeline. This will place an immediate demand on current Rhode Island 

Housing’s staff once the HHF Program funds become available. 

The staffing plan detailed below is based on Rhode Island Housing’s Proposal for the 

HHF Programs and the efforts needed to develop, implement and support the programs 

for their expected duration. 

The following is Rhode Island Housing’s best estimate of the staffing requirements for 

the HHF Programs, and includes estimates of the number of staff necessary for the 

duration of the program. 

Role Role Description # of Staff and Timeline 

Executive Director Oversight 1 nominal throughout 

Program life 

Deputy Director for 

Programs 

Oversight 1 nominal throughout 

Program life 

Deputy Director of Finance Oversight 1 nominal throughout 

Program life 

Deputy Assistant Director for 

Law and Human Resources 

Legal and compliance 

oversight 

1 nominal throughout 

Program life 

Director of Homeownership Oversee the HHF Program 

operations, ultimately 

responsible for HF 

Program delivery 

1 part-time throughout 

Program life 

HHF Program Underwriting 

and Operations Manager 

Responsible for the dayto-day operations of the 

HHF Program 

1 full-time throughout 

Program life 

(Compliance & Reporting)

HHF Program 

Underwriting Staff 

Responsible for 

underwriting the 

application packages 

received from servicers 

and HHF certified HUDcounselors for Hardest Hit 

funds and ensuring the 

program and lender 

criteria are met. 

Working with senior 

program managers, 

provide program training 

5 full-time staff during 

funds allocation only; may 

include underwriters to be 

housed at key triage 

locations; anticipate that the 

number of staff necessary 

will be greater in year 1 and 

will lessen progressively 

after 18 months 
materials and information 

to various housing 

stakeholders (e.g., 

servicers, counselors, 

advocates) regarding the 

HHF Program, policies 

and processes 

HHF Program Processing 

Staff 

Responsible for reviewing 

and processing application 

packages received from 

HHF certified HUD 

approved counseling 

agencies and 

lender/servicers. 

5 full-time staff during 

funds allocation only; may 

include underwriters to be 

housed at key triage 

locations; anticipate that the 

number of staff necessary 

will be greater in year 1 and 

will lessen progressively 

after 18 months 

HHF Call Center Processors Responsible for answering 

inbound calls from, and 

making outbound follow 

up calls to homeowners, 

servicers, counselors, and 

other housing stakeholders 

involved in the HHF 

Program 

2 full-time throughout 

Program life 

HelpCenter Manager Responsible for the dayto-day operations HHF 

HelpCenter Triage 

counseling 

1 part-time throughout 

Program life 

HHF HelpCenter Triage 

Counselors 

Responsible for intake 

and collection of 

supporting documents 

applicants to determine 

eligibility for HHF 

Programs 

3 full-time throughout 

Program life 

HHF HelpCenter Triage 

Processors 

Responsible for reviewing 

and processing application 

packages for HHF 

Programs 

2 full-time throughout 

Program life 

Quality Assurance & 

Reporting 

Responsible for managing 

functions required to 

ensure compliance with 

Treasury and internal 

compliance guidelines 

control to mitigate fraud 

and risk. Will ensure 

guidelines and processes 

comply with industry 

standards. 

1 part-time throughout 

Program life 
HHF Program 

Quality Control Staff 

Responsible for reviewing 

HHF Program processes, 

policies, practices and 

reporting and conducting 

quality control audits to 

ensure compliance with 

program guidelines and 

mitigate fraud and risk. 

1 full-time throughout 

Program life 

Assistant Director of Policy - 

Program Data Analyst 

Responsible for analyzing 

the HHF Program housing 

program data to identify 

trends and ensure business 

processes are continuously 

improved 

1 part-time throughout 

Program life 

Information Technology 

Director 

Oversee the development, 

maintenance and delivery 

of the technology 

components that enable 

the HHF Program 

Nominal effort throughout 

Program life 

Controller Oversee accounting 

program function and 

HHF Program fund audit 

compliance. 

Part-time throughout 

Program life 

HHF Accounting Program 

Manager 

Responsible for ensuring 

the proper accounting of 

HHF Program funds; 

appropriately responds to 

findings of independent 

financial auditor 

Full-time throughout 

Program life 

Communications Director Oversee the 

communication and 

outreach for the HHF 

Program, ultimately 

responsible for 

communication delivery 

Part-time throughout 

Program life 

Business Partners 

Audit Firm Contractor Provides independent 

financial audit, program 

audit of Rhode Island 

Housing processes and 

audits of participating 

servicers 

Anticipate no more than 

the equivalent of one 

fulltime contractor for the 

funds allocation period and 

part-time during reporting 

and compliance 

Communications Consultant 

Firm 

Provide consultation 

necessary to develop a 

communications and 

outreach plan to reach 

Anticipate engagement in 

preparation for Program 

rollout and periodically 

throughout Program life 
target audience 

HHF Certified Counseling 

Agencies 

Responsible for intake 

triage document collection 

and referral to appropriate 

HHF program 

Full-time throughout 

Program life. 

HHF Working Group 

(comprised of partners from 

state agencies, lenders, nonprofits and businesses) 

Rely upon to help review 

and monitor Program 

performance. 

Attend quarterly 

performance review 

meeting throughout 

Program life 
Deputy Director of Finance and 

CFO 

Deputy Director for Programs 

Rhode Island Housing HHF Program 

Director of Homeownership Assistant Director of Policy Cont

HHF Program and Operations 

Manager 

5 HHF Program Underwriting 

Staff 

Information Tec

5 HHF Program Processing Staff HHF Audit Fi

2 HHF Call Center Processors 

HHF Certified HUD-approved 

Counseling Agencies 

Quality Assurance Manager 

HHF Quality Assurance Staff 

HelpCenter Manager 

3 HHF HelpCenter Triage 

Counselors 

2 HHF HelpCenter Processors 
Proposed HHF Program Budget and Families Served 

 

($ millions) 

 

Program Allocation 

 1. Loan Modification Assistance - HAMP $ 6.9 

 2. Loan Modification Assistance - Non-HAMP 9.0 

 3. Temporary and Immediate Homeowners Assistance 16.5 

 4. Moving Forward Assistance 3.5 

 Total for Programs $35.9 

 

Program Expenses 

 * Intake (8,000 x $200) $1.6 

 **Work-out/success (4,000 x $400) 1.6 

 Administration (9.1%) 3.9 

 Total Program Expenses 

 

7.1 

 

Total 

 

$43.0 

 * Intake funds will be used to determine potential eligibility for the HHF Programs. 

 **Work-out/ Success will only be awarded if a customer is served by one of the HHF Programs. 

 

 

Rhode Island Families Served 

 1. Loan Modification Assistance - HAMP 1,150 

 2. Loan Modification Assistance - Non-HAMP 1,500 

 3. Temporary and Immediate Homeowner Assistance 1,800 

 4. Moving Forward Assistance 550 

 Total families served 5,000

 
g. Overview of risk management / fraud prevention 

Rhode Island Housing understands the public interest in ensuring that HHF Program funds are 

used in a transparent and responsible manner. To that end, Rhode Island Housing will establish 

protocols to comply with all requirements under EESA, including but not limited to, allowing 

full compliance and oversight by the U.S. Treasury, the Comptroller General of the United 

States, Government Accountability Office, the Congressional Oversight Panel, and the Special 

Inspector General of the Troubled Asset Relief Program as to the application of any EESA funds. 

Rhode Island Housing agrees to grant access, upon reasonable request, to these governmental 

entities of all books, communications and records regarding the use of funds provided to Rhode 

Island Housing under the Hardest Hit Fund. 

In most cases, the initial assessment of applicant eligibility for HHF assistance and 

recommendation for assistance will be conducted by a HUD-approved counseling agency. We 

expect that a significant number of applicants will be handled by Rhode Island Housing’s 

HelpCenter. Other HUD-approved counseling agencies in the State will also handle applicants 

for these Programs. 

Since the proposed Programs are new and provide assistance not otherwise currently available to 

troubled borrowers, Rhode Island Housing will require that any HUD-approved foreclosure 

counseling agency must successfully complete a training session on the Programs. Only 

counseling agencies that have been certified by Rhode Island Housing may participate in the 

Programs. 

Rhode Island Housing will confirm the HUD-approved counseling agent’s assessment of the 

applicant’s qualifications and recommendation for assistance prior to issuing a commitment for 

HHF assistance. 

In addition, lender/servicer involvement and cooperation will be critical to the success of this 

program. The lender/servicer shares Rhode Island Housing’s interest in ensuring that the 

Program is properly implemented since they will be required to financially participate in any 

workout transaction under the Program. As a condition of receiving funds under the Program, 

Rhode Island Housing will require that lenders/servicers agree to cooperate with our compliance 

and monitoring requirements. 

Compliance oversight, internal controls, and fraud prevention will be accomplished through 

several means including: 

• Regular monthly and targeted audits of a statistically significant sample of program files 

by Rhode Island Housing compliance staff. Approved counseling agencies and 

lenders/servicers will be contacted with a list of files selected for review and will be 

required to submit copies of the entire modification file along with any internal 

processing notes. 

 
• Rhode Island Housing compliance staff will review the file for compliance with program 

requirements, evidence of internal consistency within the application package, and proper 

documentation. 

• Any files that contain substantive discrepancies or suggest integrity violations will be 

forwarded to the Quality Control Manager for further review and a complete reverification of the application will be completed by Rhode Island Housing staff. 

• Serious or repeated violations of program guidelines or misrepresentations by certified 

HUD-approved counseling agencies, lenders/servicers or borrowers may result in 

immediate dismissal from the program, cancellation of assistance to homeowners, referral 

to appropriate law enforcement authorities, and/or efforts to collect assistance previously 

provided. 

Rhode Island Housing will maintain a separate budget and tracking system for the Hardest-Hit 

Fund Program, and all Treasury funds provided to implement this plan will be used solely to 

fund the Hardest-Hit Fund Program and related expenses. 

Rhode Island Housing adheres to OMB A-133 audit requirements. Rhode Island Housing 

contracts with an independent audit firm to carry out annual audits of the financial statements. 

The independent auditor opines on the financial statements; internal control over financial 

reporting and on compliance and other matters; and compliance and internal control applicable to 

each major federal award program. 

h. Tracking / reporting 

The primary determination of evaluating the success of our program is whether the applicant was 

able to obtain a mortgage modification that would allow them to maintain ownership of their 

home, or achieve an orderly transition from the property in cases where a loan modification is 

not financially feasible. Rhode Island Housing’s anticipates 10,000 requests for assistance and 

estimates conservatively that about 50% will achieve a successful outcome. 

Initial data tracking will be undertaken at the triage stage by the HUD-approved, certified 

mortgage counseling agencies. These organizations will be required to capture data on each 

applicant as requested by Rhode Island Housing. These organizations will use third-party data 

collections software specifically designed for mortgage counselors to collect the required 

information and transmit it to Rhode Island Housing in a specified format. Examples of this 

software include CounselorMax, Home Counselor Online or Nstep. 

Rhode Island Housing anticipates that the following information will be collected for each 

applicant: 

• Date of HHF Program Application 

• Name 

• Address 

• Date of Birth 

• Gender 

• Race 

• Ethnicity 

 
• Date of Loan 

• Household Size 

• Household Income 

• Income Source 

• Originating Lender 

• Current Servicer 

• Type of Mortgage 

• Second Mortgage Data 

• Credit Score 

• Current PITI 

• Original Housing and Overall DTI Ratio 

• Current Housing and Overall DTI Ratio 

• FHA/VA Insured 

• Reason for Default 

• Current Delinquency 

Following the intake, this information will be transmitted to Rhode Island Housing. Rhode 

Island Housing uses The Mitas Group software for financial accounting and certain loan 

servicing functions. The Mitas Group software offers the ability to track funding sources on a 

programmatic and transaction lever, export data and provide ad hoc reporting. 

Rhode Island Housing will set up a unique record in The Mitas Group system for each applicant 

under the Program, using the information collected by the mortgage counselor at the triage stage. 

Rhode Island Housing will be able to track progress of each applicant over time, and permit 

detailed analysis of the outcomes of the Program, including measuring outcomes against goals. 

Rhode Island Housing expects to be able to track and generate reports as follows: 

Borrower/Property 

• Income 

• Ethnicity 

• Property location (municipality/census tract) 

• LTV and CLTV 

• Loan Type 

• Property Type 

• $ Contribution, if applicable

Lender/Servicer 

• Program participation rate 

• # and $ for each program 

• Program performance - approve & cancel rate 

• Loan performance - # of post-program current/delinquent loans 

• Leveraged dollars per program 

• Average LTV, borrower income 

• By census tract 

Program Data 

 
• # and $ for each program 

• Per household 

• Borrower income level 

• # Approved & Denied transactions, income and county 

• # Program requests per household 

• Average monthly payment savings when combined with 

• modification program