Mortgage Brokering, as a profession, has their own set of rules and Code of Ethics and Conduct, that their professional practitioners agree to uphold, regardless of state, line of business, expertise, skill-level, or niche specialty. Here are some examples of what to expect when working with and through a mortgage broker:
– Advice and disclosure should be treated professionally with due diligence and back-up evidence.
– All agreements and specifications will be engaged, clarified, worded and put in an undersigned (by all parties), agreement, legal binding documentation, with copies to all stakeholders and parties dispensed on-demand and with expedience.
– Avoiding conflict of interest situations or full disclosure of same to all parties involved in the process.
– Conducting all brokering business in the mortgage funding field in a skilled, confident, competent and professional manner, at all times.
– Cooperation with regulators of the practice and profession of mortgage brokering
– Enabling all processes, ensuring fair and honest treatment with respect to mortgage financing of all individuals, regardless.
– Give every deal and customer the opportunity to experience the best service possible, from a licensed mortgage broker, facilitating each loan application in a timely manner, with urgency and attention to even the smallest detail
– Informed, up to date with any and all changes, adaptations, policies, applicable laws and regulations, ensuring above-board and legal transactions time and again, always.
– Integrity and dignity, recognizing and respecting the identity, privacy and confidentiality of their clients.
– Knowledgeable, expertise at your fingertips specifically for special case and difficult, mortgage brokering, referring and deferring where the competency or experience is lacking.
– No declaration or promises made regarding interest rates or misrepresentation of material facts that are not realistic, untrue or only part of the story, whole picture.
– No discrimination will be exercised or tolerated, for reasons of race, color, creed, sex, religion, national origin, marital status, age or disability.
– No misleading advertising or misinforming the public, or withholding of key information or all facts. Honest brokering of the process and outcome is a top priority for the majority of mortgage brokers, as this goes directly to their reputation, credibility and reputability.
– Not engaging in any unauthorized practice of law, deferring to others, when a mortgage transaction requires legal representation.
– Prompt, open and direct , two-way communication channels need to be set up to ensure sharing of information, approval, declination or other material information which comes to the mortgage brokers’ attention in the processing of any application for a mortgage loan;
– They vow and attest to participation and compliance in the marketplace, that reflects and adheres to the highest standard and sound industry practice, within the boundaries of regulations and law.
– Verbal or oral agreements are treated as written agreements, ensuring all parties are aware of that fact can protect and enable, even expedite business, but be sure to capture and get signatures to effect and legally transact, protect interest and stay within the guidelines of the profession.