Canon of Ethics

 CANONS OF ETHICS

 PREAMBLE:  WHERAS, the purposes of the Michigan Mortgage Lenders Associations are:

 To create value for all members by providing effective legislative and regulatory advocacy, practical resources, and quality education while fostering an active network and knowledge exchange.

 WHERAS, the members of this Association are mindful that the soundness, usefulness, prosperity, and future of mortgage lending depends upon the honor, integrity, and fidelity of all personnel engaged in this industry.                                                                                                                                                                                                    

NOW, THEREFOR, BE IT RESOLVED, that each member of this Association pledges to observe and maintain the following standards of conduct in dealing with the public and with other members:

CANON 1:       Members shall conduct their business in a professional manner, ensuring that their personnel are knowledgeable in the areas of mortgage banking in which they participate and are acting in compliance with sound industry practices.

CANON 2:       Members shall act in conformity with applicable laws and regulations and shall cooperate in every appropriate way with all governmental bodies in the interest of establishing and maintaining an efficient and fair framework for mortgage credit.

CANON 3:       Members shall act in a manner that recognize that integrity and confidence is essential in the mortgage banking business.

                CANON 4:       Members shall accord oral agreements the same sanctity given to written agreements.          

                CANON 5:       Members shall not breach or avoid an agreement or commitment.              

                CANON 6:       Members shall encourage healthy competition in the mortgage banking business

CANON 7:       MMLA Members shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity. MMLA Members shall not be parties to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity.

CANON 8:       Members shall not quote to a prospective borrower interest rates or other loan terms that are not likely to be realized.

CANON 9:       Members shall make all reasonable efforts to process loan applications and advise applicants of approval or disapproval promptly and to close and disburse in a timely manner.

CANON 10:     Members shall preserve the integrity of all parts of a loan submission and appraisal report and make full disclosure of all pertinent facts, including any interest they may have in the loan project or property

CANON 11:  Members shall consider servicing contracts to be an integral part of the mortgage banking correspondent system, and such a contract shall be terminated only with sufficient reason with the good faith nature of such a contract being recognized by both parties.

CANON 12:  Members shall use all efforts available in servicing investments entrusted to their care to discharge effectively their obligations to both investor and borrower in a responsive manner.

CANON 13:     Members shall take all reasonable steps to assure that both the investor and the member’s transfer of servicing does not unduly inconvenience the borrowers.

CANON 14:     Members shall maintain all monies that are received as escrow, reserve, or impound accounts in a prudent and identifiable manner and shale disburse these funds for the purpose for which they were received.

CANON 15:     Members shall cooperate with the MMLA Ethics Committee in furnishing information relative to any investigation of possible violation of this Canons of Ethics and Standards of Practice.

 Violations of, and complaints concerning, the Code of Ethics shall be filed with the MMLA Ethics Committee.

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