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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 by email:
Privacy@ReverseMortgageLenders.org.
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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. |
