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CODE OF
ETHICS |
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We depend upon the integrity of all persons engaged in the
business. Each Lender agrees to below standards of conduct
in dealing with senior homeowners and their families:
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1. |
Treat all those who request information from our site with
respect and dignity. |
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2. |
Protect the client's privacy and confidentiality and not
distribute personal financial information to any third party
without permission from the client. |
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3. |
Encourage all potential Reverse Mortgage applicants to
discuss the loan transaction with family members and/or
other trusted advisors. |
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4. |
Inform clients at no charge about all of the member's
reverse mortgage programs and assist each client to
determine the program most suitable for his or her needs. |
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5. |
When estimating potential Reverse Mortgage benefits, clearly
and accurately identify all costs. |
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6. |
Take reasonable steps to check out the background and
procedures of third parties before accepting referrals of
business from them, and refuse to accept referrals from
those that are found unacceptable. Members shall disclose to
clients any third party with a financial interest in the
reverse mortgage transaction. |
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7. |
Not imply to a borrower that he or she is obligated to
purchase any other product or service offered by the member
or any other company in order to obtain a Reverse Mortgage. |
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8. |
Pay all loan proceeds directly to the borrower, except to
retire existing debt, pay a contractor from the borrower's
repair set-aside account, or pay property taxes or hazard
insurance premiums from the borrower's set-aside account for
taxes and insurance. |
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9. |
Report any suspected violations of the Code of Conduct to
us. |
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10. |
In all loan origination arrangements consultants agree to
comply with all applicable regulatory requirements
including: (a) provisions of the federal Real Estate
Settlement Procedures Act barring referral fees; (b) State
mortgage regulatory provisions requiring licensing by loan
originators.
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