Low Cost E&O
Insurance for appraisers from OREP
BEST LENDING PRACTICES GUIDELINES
<<<1>>>, a member of the
National Association of Mortgage Brokers, and President of
<<<2>>>, a properly licensed/authorized entity, adheres to the
Code of Ethics of NAMB and of the <<<3>>> Association of
Mortgage Brokers. Furthermore, as a
requirement of NAMB membership, <<<1>>> hereby subscribes this
company and its employees to the following Best Lending Practices Guidelines.
We
will…
Disclose
accurate information in all solicitations and advertising;
Discuss
and explain financing program options;
Inform
you, in writing, of lock-in options;
Explain
all documents of the loan application;
Explain
all associated costs of the loan transaction;
Explain
the disbursement of all application fees;
Explain
the loan process, from application to closing;
Charge
only those fees disclosed or re-disclosed on your Good Faith Estimate;
Charge
rates and fees that do not vary based on race, color, religion, national origin,
gender, marital status, age, receipt of income from public assistance programs,
or good faith exercise of rights under consumer finance laws;
Communicate
with you throughout the loan process in a timely manner;
Provide
to you a written agreement, which explains the nature of our relationship with
you and how we are compensated in this transaction.
Shall
not engage in or respond to any pressure or influence from any party that seeks
to circumvent professional industry standards, guidelines, rules or regulations
in a mortgage transaction. We have the right to participate with all providers
of services so long as it is within the scope of industry professional ethics
and standards.
NAMB President 2006