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Canon of Ethics

Section 1
General. The members of this Association are mindful that the soundness, usefulness, prosperity and future of mortgage banking depend upon the honor, integrity, fidelity and judgement of all personnel engaged in this business. Each member of this Association, and each applicant for membership in the Association, recognizes its responsibility in the administration and conservation of the obligation committed to them, and being conscious of the confidence placed in them, establish and pledge that they will observe and maintain standards of conduct in their dealings with the public and with other members of this Association which will in no way discredit the mortgage banking industry, the Association or its members.

Section 2
Members shall endeavor at all times to protect the public against fraud, misrepresentation or unethical practices in the mortgage banking field.

Section 3
Members shall charge fair and reasonable fees for their services based upon current market conditions.

Section 4
Members shall not quote to a prospective borrower, directly or through advertising, interest rates, loan amounts or other loan terms impossible or unlikely of realization, for the sole purpose of encouraging the submission of a loan application.

Section 5
Members will not condone or engage in or be a party to questionable real estate lending practices.

Section 6
Members shall maintain and identify trust and escrow funds in accounts separate and apart from personal or other business accounts.

Section 7
It shall be the duty of members to be well informed on the mortgage banking industry including current mortgage market conditions, government regulations and loan administration practices in order that they may be in a position to serve all parties concerned in a fair, intelligent and beneficial manner.

Section 8
Members will use only clear, simple, truthful and understandable statements in their advertising. A member shall not advertise financing terms which do not represent the terms generally available through its efforts, unless the advertising copy expressly sets forth the special qualifications pertinent to the financing terms advertised.

Section 9
Members shall hold inviolate any information given them in confidence by their clients. This shall not construed to prohibit the use of the furnished data in the reasonable pursuit of the purposes for which such information as transmitted.

Section 10
Members shall ascertain all pertinent facts available concerning every loan or real estate transaction in which they are a part so that they may fulfill their obligation to avoid error, exaggeration, misrepresentation, or concealment of pertinent facts.