As an appendage to its Code of Ethics, CMA’s Professional Standards & Best Lending Practices are guidelines that CMA members are expected to follow in assisting consumers through the mortgage origination process. Adherence to these standards will assure consumers that the member is acting professionally, without exerting or succumbing to pressure, influence or other tactics that seek to circumvent mortgage industry ethics & professional standards. Some guidelines may go beyond legal requirements, and are designed to emphasize the adherence to principles that consumers should expect when choosing a mortgage broker or loan originator.
As a member of CMA I pledge to:
- Abide by federal and state regulations pertaining to the mortgage lending industry;
- Offer rates and fees to all equally without discrimination based on race, color, religion, national origin, gender, marital status, sexual preference, or disability;
- Refrain from engaging in or responding to any party that seeks to circumvent professional industry standards, guidelines, rules or regulations in a mortgage transaction;
- Charge only those fees disclosed or re-disclosed on the Good Faith Estimate;
- Provide accurate and complete information in all solicitations and advertising;
- Provide a written agreement, which explains the nature of the business and how I am compensated in this transaction;
- Inform client of lock-in options, and provide a written document which states loan terms and rate, and whether the rate is floating or locked;
- Disclose and explain all costs associated with the loan transaction;
- Explain the loan application and associated disclosures and documents;
- Present and explain all programs and pricing options;
- Explain the loan process from application to closing;
- Maintain open communication throughout the loan process.