The PAMB Mission...

The Pennsylvania Association of Mortgage Brokers is composed of licensed mortgage professionals who strive to attain the highest degree of experience and customer service available.

• WE BELIEVE in self regulation of our members through a strong code of ethics.
• WE BELIEVE that by promoting the education of both the consumer and the member regarding our industry, each will be able to make more intelligent decisions regarding their opportunities.
• WE BELIEVE in the continued promotion of open communication with both state and national regulators to develop a better understanding of our industry.
• WE BELIEVE that by speaking with one voice the public will be afforded a better understanding of what our industry stands for, what we can accomplish, and what can be expected when dealing with a professional mortgage broker.

Standards

• The mortgage broker shall secure all information bearing on the collateral or credit so as to permit him/her to present an objective report to the investor.
• The mortgage broker shall not advise an investor of the safety or security of the offered collateral unless he/she has been adequately trained to do so.
• The mortgage broker shall not indicate or intimate to the borrower or the investor that he/she is qualified to advise on matters germane to other professions unless he/she has satisfied the standards set forth for professional acceptability by those other professions.
• The mortgage broker shall keep himself/herself informed on all current thinking and trends in the mortgage industry.
• The mortgage broker shall keep himself/herself informed on all current trends affecting real estate, which is the collateral for mortgage loans, in such areas as legislation, zoning, city planning and taxation.
• The mortgage broker shall not disclose the confidences and secrets of one client to another and shall not accept employment that might require such disclosure unless the information is public information or the consent of the client has been obtained.

Ethics

• The mortgage broker shall act in accordance with any laws, rules and regulations of the State of Pennsylvania and in accordance with the Bylaws of the Pennsylvania Association of Mortgage Brokers.
• The mortgage broker shall perform his/her business in a manner reflecting honor and integrity. He/she shall avoid and report fraudulent and unethical practices to the Pennsylvania Association of Mortgage Brokers.
• In accepting employment as an agent, the mortgage broker pledges to protect and promote the interest of his/her client. The obligation of absolute fidelity to the client's interest is primary.
• The mortgage broker shall abide by generally accepted principles of real estate valuation when reporting to the investor regarding the valuation of the offered collateral for his/her loan.
• The mortgage broker shall advise the relevant parties of any equity interest he/she may have in the collateral offered as security for the mortgage loan.
• The mortgage broker shall not advise, advertise, or intimate terms and conditions not available and not likely to be made available.
• The mortgage broker should attempt to put all agreements into written form but shall abide by all agreements made by him/her whether written or oral.
• The mortgage broker shall maintain special accounts separate from his/her personal accounts for the deposit of trust and escrow funds.
• The mortgage broker shall not speak disparagingly of the business practices of his/her competitor or of a transaction bring negotiated by a competitor.
• Disputes between members shall be resolved by decisions of the Ethics, Grievance and Arbitration Committee.

Ethics and Grievance Mission Statement

Operating an ethical mortgage broker enterprise, free of customer complaints, is paramount for every PAMB member. A key purpose of the PAMB is to promote the highest standards of professional mortgage broker ethics. It is the mission of the Ethics and Grievance Committee ("Committee") of the PAMB to assist all PAMB members in this honorable endeavor.

The Committee will create a forum to hear and resolve questions and/or complaints regarding business conduct of a mortgage broker. The Committee will attempt to resolve differences of opinion between parties. In this pursuit, the Committee will seek to obtain any information that is pertinent to the issue and provide objective information to both parties.

The Committee will develop and implement an objective procedure for handling of questions and/or complaints. The Committee will be accessible to customers and PAMB members to hear questions regarding ethical business practices. The Committee will immediately respond to all questions from customers and PAMB members. Any questions regarding ethical business practices will ultimately be presented to the PAMB Board of Directors for review.

Throughout the process of handling any question regarding ethical business practices, the Committee will be objective. The Committee will not judge the truthfulness or evaluate the behaviors or actions of the unique situation. The Committee will not arbitrate between the parties.

The committee will promote ongoing ethical business education of the PAMB membership through anonymous reports on issues brought to the Committee. These reports will be provided to the Education committee for curriculum development and to the general membership at monthly chapter meeting and in the Mortgage Press.