Membership > Code of Ethics
Adopts Code of Ethics That Members Must Agree
to Abide By
brokers and their loan originators who want to
belong to the Maryland Association of Mortgage
Brokers (MAMP) are going to be required to abide
by a Code of Ethics and Professional Standards/Best
Lending Practices or face removal from the Association,
announced Charles DiPino, MAMP president.
we've studied recent market events we've come
to the conclusion that a few bad apples in our
business have caused a great deal of trouble for
the professional, ethical broker," said DiPino.
"Our new standards of membership will at
least provide the Association a means by which
it can legally disassociate itself from these
part of the new requirement, MAMP members will
be expected to adhere to the Code of Ethics and
follow best lending practices when assisting consumers
through the mortgage origination process.
to these standards will assure consumers that
the member is acting professionally and without
exerting or succumbing to pressure, influence
or other tactics that seek to circumvent mortgage
industry ethics and professional standards,"
said Patty McGill, a Certified Mortgage Consultant
(CMC) and president of Money Marketing in Frederick
who has been appointed to be the chairperson of
MAMP's Ethics Committee.
MAMP Code of Ethics requires that members conduct
business in a manner reflecting honesty, honor,
and integrity. Members shall not pressure any
provider of services, goods or facilities to circumvent
industry professional standards; equally, they
shall not respond to any such pressure placed
members will provide accurate information in all
advertisements and solicitations and shall not
disclose unauthorized confidential information.
Further, they must conduct their business in compliance
with all applicable laws and regulations, and
disclose any equity or financial interest they
may have in the collateral being offered to secure
terms of the MAMP Best Lending Practices, members
of the Association will promise to offer rates
and fees that are not discriminatory based on
race, color, religion, national origin, gender,
marital status, sexual preference, or disability.
They must also follow all federal and state regulations
pertaining to the mortgage lending industry and
they must disclose accurate information is all
solicitations and advertising.
MAMP members must discuss and fully explain financing
program options; inform consumers of lock-in options,
and provide them with a written document which
states loan terms and rates, whether floating
or locked. They must explain all documents of
the loan application, all costs associated with
the loan transaction, the disbursement of fees
collected at application, and the loan process
from application to closing.
MAMP mortgage broker and loan originator members
agree to charge only those fees disclosed or re-disclosed
on a Good Faith Estimate; communicate in a timely
manner with their clients throughout the loan
process, and provide a written agreement explaining
the nature of the business relationship between
themselves and the client as well as how they
MAMP members agree not to engage in or respond
to any pressure or influence from any party that
seeks to circumvent professional standards, guidelines,
rules or regulations in a mortgage transaction.
are going to aggressively implement and enforce
these new requirements of membership," stressed
DiPino. "MAMP is not replacing the work of
the state regulators (Division of Financial Regulations).
As a matter of course, we will continue to refer
consumer complaints to the Division for their
investigation. We will, however, accept complaints
from broker and associate broker members of the
has established a broad range of disciplinary
actions which are designed to be commensurate
with the any violations of the Association's standards.
These range from a letter of warning or letter
of reprimand to suspension or expulsion of membership.
a member receives a sanction of suspension or
expulsion of membership," points out MAMP
Executive Director Thomas Shaner, "we will
notify state regulators, publish the notification
in our newsletter, notify the Department of Housing
and Urban Development (if appropriate) and notify
the National Association of Mortgage Brokers which,
in turn, will send notice to all other states
where the licensee is a member and add notice
of sanction to a special section of its Web site
created for the reporting of Ethics violations."
reported that while the new program has been officially
adopted by the MAMP Board of Directors, its full
enforcement implementation will begin January
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