NAMB Updates Ethics Code, Best Practices

The National Association of Mortgage Brokers has updated both its Code of Ethics and Best Business Practices statement to condemn the use of pressure tactics between mortgage brokers and other service providers.At a news conference June 24 during the NAMB's annual convention in Philadelphia, NAMB past president Joe Falk said "we abhor" any effort to influence another professional because it ends up hurting the consumer. But pressure goes both ways, and mortgage brokers should not be pressured "to lower our standards," he continued. While mortgage brokers should not pressure another provider, they still have a duty to their customers to correct problems, Mr. Falk said, including the right to review an appraisal and point out any errors and to help clean up any problems with the title. Mr. Falk is currently the chairman of the NAMB's Legislative Committee. The organization can be found online at http://www.namb.org.