NAHREP Adopts Code of Trust

The National Association of Hispanic Real Estate Professionals has announced the adoption of En Confianza: The NAHREP Code of Trust, a set of ethical principles that its members are required to abide by.The code sets requirements for four groups of professionals: mortgage originators; licensees and Realtors; builders; and providers of title, escrow, home inspection, and closing services. The principles call for stronger licensing and industry education requirements; quality controls such as net-benefit tests to ensure that all qualifying consumers are offered a prime loan; increased disclosures; development of a bilingual guide; protections against conflicts of interests; and full compliance with all state and federal laws. "Our industry's image is tainted by the actions of a few bad actors," said NAHREP chair Felix DeHerrera. "En Confianza solidifies NAHREP's position as an industry leader, and its members as trustworthy and reliable professionals." The organization said its first steps to enforce the code include joining forces with the Conference of State Bank Regulators and supporting the establishment of a "whistleblower hotline." The group can be found online at http://nahrep.org.