Ethical Lending
Foundation was formed primarily to
bring mortgage-lending workers into
an honorable and well-respected
status in U.S. commerce. It
recognizes that the industry is at a
historical crossroads. Lending
professionals have never had a well-drafted,
content-specific code of ethics, standards of practice have
been left to the vagueness and ambiguity of state and
federal law. This has resulted in standards of practice
that are not uniform, thereby leading to federal and state
legal problems. Without change, this could cost the
industry inordinate sums of money for external regulation
and policing. In contrast, there are other,
well-established professions that have well-defined
standards of behavior, such as law, medicine, and
accounting. As such, most of their regulation is internal,
which saves their industry a great deal of money. Ethical
Lending Foundation has drafted and implemented such a Code
of Ethics that is not onerous to lenders but which is fair
to consumers. This will allow members of our organization
to help regulate our industry in a way that is good for the
public, our clients, our competitors, and ourselves. It is
good for business.
Members of the Ethical
Lending Foundation are aware that the prosperity,
usefulness, and future of the mortgage lending industry
depends largely upon the honor, integrity, fidelity, and
good moral character of its members. As such, members of
the Ethical Lending Foundation pledge to maintain and
improve the ethical standards of practice of their new
profession. They promise to conduct business in a fair,
competent, and honest manner, and no inducement of profit or
other personal gain can ever justify a departure from their
high standards of trust between clients and lending
professionals. They acknowledge the profound impact their
behavior has on their present and potential clients’
welfare. They acknowledge and accept the responsibility
that comes from their clients’ reliance on their expertise,
honesty, and guidance in the purchase of a residence with a
loan. They understand the value in providing the highest
quality service possible, and through this, earn the
confidence and trust that they need and value. They intend
to 1) improve the performance and public perception of the
mortgage lending industry; 2) implement and develop sound
ethical business practices; 3) stay informed about changes
in mortgage laws and lending practices, as well as pending
legislation that affects the industry at the local, state,
and federal levels; 4) sponsor educational programs and
rigorous training in ethics, business, practice, conflict
resolution, and communications; and 5) cooperate with public
and private agencies in the development and elevation of
standards of practice.
The Ethical Lending Foundation intends to
offer a plethora of programs and services to help each
lending professional achieve his or her personal business
goals. At the outset we are offering programs in
compliance, continuing education, conflict resolution, and
communications. We believe, first and foremost, that
compliance with legal standards and regulations is a very
minimum standard of practice to which all lending
professionals ought to abide. Avoiding unnecessary costs
and liabilities is just good business practice. In this
light, we offering friendly audits, training of any and all
of key employees, and supplemental consulting, as needed.
Second, continuing education requirements are on the
increase. Personnel from our foundation, together, have
decades of experience teaching to adults and professionals.
We currently offer several classes and are constantly
engaged in developing new and exciting classes that will
bring you to the top of your game. Third, the Foundation
believes that maturity in both conflict resolution and
communication skills---social intelligence if you will---is
necessary for professional success. To this end, we offer
rigorous, multi-level training and consulting in these
topics, especially as they relate to the multicultural
society in which we live. In addition to these programs,
the Foundation will be bringing new programs and services,
depending upon the needs of the industry and the needs of
your new profession. |
