Michelle Proia is vice president of the mortgage loan department for Fall River Five Cents Savings Bank, also known as BankFive, at its new lending office in Lincoln. She joined the Fall River-based mutual bank in January 2025, bringing more than 25 years of experience in the mortgage industry, including time as a senior home loan consultant with Main Street Home Loans.
Proia began her career in financial services in the late 1980s and has worked in multiple roles within the mortgage field, including loan processing and underwriting support, before becoming a mortgage loan officer. She holds an associate degree from the New England Institute of Technology and is a resident of Exeter.
With the addition of the Lincoln lending office, BankFive now operates 18 locations across Rhode Island and Massachusetts, including 13 full-service branches and five lending offices.
PBN: You’ve worked through multiple housing cycles over more than three decades. What distinguishes today’s Rhode Island housing market from prior periods of volatility, particularly as we head into the busy real estate season this year?
PROIA: Unlike the crash of 2007 wherein those were subprime loans that did not have mortgage insurance, we won’t see the banks necessarily taking a hit, but we are seeing some corrections in values. While it is still a very competitive market with lack of inventory, if the properties are priced correctly, they move pretty quick.
I think we will see some foreclosures, not as much as 2007-2010, but we will see some with the layoffs that we are now seeing. As far as rates go, I think there will be a slight improvement over the next 10 months or so, but not too drastic as the Fed continues to monitor inflation.
PBN: First-time buyers often underestimate the mortgage preparation process. What are the most common documentation or credit-related issues you see that delay or derail transactions, and how early should prospective buyers begin addressing them?
PROIA: The biggest issue I see with buyers with credit and their scores is charging too close to their credit limit. For example, I had a customer the other day, credit was perfect. No delinquencies and well established, however he had three credit cards with small credit limits but charged them up to the credit limit – that gave him a 654 FICO score. I had him pay them down to less than 50% of the limit and it jumped up to 712. I can’t stress that enough and, of course, never go delinquent on a credit card. It’s unfortunate to see someone’s score drop substantially for a $40 credit card payment.
PBN: You’ve held nearly every operational role in mortgage lending, from preprocessing to underwriting support. How does that hands-on background influence the way you structure loans and manage expectations for buyers and sellers today?
PROIA: Having done pretty much every position there is in mortgage financing, this experience allows me to anticipate what an underwriter will be looking for and to get ahead of any potential issues. It’s so important to make sure your loan officer has all the necessary documentation at the time of preapproval and to reach out to your loan officer if anything changes.
PBN: Community banks like BankFive emphasize local lending programs and portfolio products. In practical terms, how can those offerings change the equation for buyers who may not fit neatly into conventional lending boxes?
PROIA: Working for BankFive gives me the opportunity to work with clients across a wide spectrum. For first-time homebuyers, we offer R.I. Housing and Mass. Housing, federal home loan grant programs. For the experienced buyer, portfolio loans, jumbo and bridge loans are also available. We also offer heating loans and auto loans, as well as equity lines of credit.
PBN: You’ve spoken about homeownership as both a financial and community-building tool. In markets with limited inventory and affordability pressures, how can lenders, real estate agents and buyers work more effectively together to reach the closing table more frequently without unnecessary friction?
PROIA: As a loan officer, it’s very important to communicate with all parties of the transaction, not just the buyer's agent. I make sure that I provide a worksheet to all my clients on every property they are interested in. This way, they are aware of the monthly payment and funds needed at closing. I also reach out to the listing agent, introduce myself and let them know that the clients have provided me with everything I need and are ready to go.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on X at @Marc_La_Rock.
