Rhode Island Transfer of Authority (RITA) is a process overseen by the Rhode Island Department of Business Regulation that allows a lender to transfer the authority to originate, purchase, or service mortgage loans to another lender. This process is used when a lender wishes to transfer all of their rights and responsibilities related to a mortgage loan, such as servicing the loan or collecting payments from the borrower. There are two types of Rhode Island Transfer of Authority: (1) Standardization and (2) Certification. Standardization is the process of a lender transferring the right to originate, purchase, or service a loan to another lender. The lender is required to provide the Rhode Island Department of Business Regulation with a written notice and all relevant documents related to the transfer. Certification is the process of a lender transferring the right to originate, purchase, or service a loan to another lender, but this process requires that the lender provide the Rhode Island Department of Business Regulation with a certification that the lender is in compliance with all applicable laws. The lender must also provide the Rhode Island Department of Business Regulation with a written notice and all relevant documents related to the transfer. The Rhode Island Transfer of Authority process is designed to ensure that all mortgage loans are transferred safely and securely between lenders. It also helps to protect borrowers by ensuring that lenders are compliant with all applicable laws.