MAMP Code of Ethics

Preamble: Whereas, the purpose for which the Maine Association of Mortgage Professionals is organized, as stated in the Articles of Incorporation, is to:

1. To promote the welfare of the mortgage industry in and of the State of Maine;
2. To encourage sound and ethical business practices amongst its members;
3. To sponsor meetings for the purpose of discussing various aspects of mortgage banking and its allied fields an to provide a forum for new ideas related to the mortgage banking industry;
4. To acquire information and to inform its members of changes in the laws affecting real estate and the mortgage banking industry;
5. To provide a platform which the members of the mortgage banking industry can express their views on practices and legislation affecting the industry.
6. To cooperate with all public and private agencies and the public at large in all matters relating to sounds mortgage banking; and
7. To afford the opportunity for those engaged in the real estate mortgage banking industry to secure the benefits of personal acquaintance.

WHEREAS, the members of this association are mindful that the soundness, usefulness, prosperity, and the future of the mortgage banking depend upon the honor, integrity, and fidelity of all personnel engaged in the business.

THEREFORE, 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.

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.
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.
3. Members shall act in a manner that recognizes that integrity and confidence are essential in the mortgage banking business.
4. Members shall accord oral agreements that same sanctity gives to written agreements.
5. Members shall not breach or avoid an agreement or commitment.
6. Members shall encourage healthy competition in the mortgage banking business
7. Members shall conduct their business without regard to race, sex, religions, mental status, national origin, or age of the persons with whom they deal.
8. Members shall preserve the integrity of all parts of 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.
9. Members shall consider a servicing contract 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.
10. Members shall not quote to a prospective borrower interest rates or other loan terms which are not likely to be realized.
11. Members shall make all reasonable efforts to process loan applications and avoid applicants of approval or disapproval promptly and to close and disburse in a timely manner.
12. Members shall use all efforts available in servicing investments entrusted to their care to effectively discharge their obligations to both investor and debtor.
13. Members shall maintain all monies which are received as escrow reserve or impound accounts in a prudent and identifiable manner and shall use these funds for the purpose of which they were received.
14. Members shall cooperate with the Board of Directors in furnishing information relative to any investigation of a possible violation of the Canons of Ethics and Standards of Practice.