CODE OF ETHICS
We depend upon the integrity of all persons engaged in the business. Each participant agrees to below standards of conduct in dealing with senior homeowners and their families:
- Treat all those who request information from our site with respect and dignity.
- Protect the client's privacy and confidentiality and not distribute personal financial information to any third party without permission from the client.
- Encourage all potential reverse mortgage applicants to discuss the loan transaction with family members and/or other trusted advisors.
- 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.
- When estimating potential reverse mortgage benefits, clearly and accurately identify all costs.
- 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.
- 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.
- 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.
- Report any suspected violations of the Code of Conduct.
- In all loan origination arrangements lenders 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.
