There has been a lot of recent backlash about unethical mortgage practices, and with so many mortgage lenders and brokers going out of business, now you can have a little more peace of mind. The National Association of Mortgage Brokers is introducing a new designation to help protect the public from less than reliable lenders. The Lending Integrity Seal of Approval will help the public identify lenders who have met higher standards for professionalism, knowledge, ethics, and integrity.
Beginning in early 2008, consumers should start seeing this seal displayed in advertising and by mortgage originators who meet the qualifications.
Here is an excerpt from the article:
To earn the right to display the Lending Integrity Seal of Approval, a mortgage broker or loan officer must:
– Be a member of NAMB
– Possess a current state-issued mortgage license or registration
– Submit three business references
– Pass a national criminal background check
– Attend professional education training, including ethics training
– Adhere to NAMB’s Code of Ethics and Standards of Best Business Practices
– Abide by NAMB’s formal ethics grievance review process