Best Business Practices Guidelines
The "Best Business Practices" are a significant addition to the stringent NAMB ethical code. These
guidelines go far beyond any legal requirements to continue to build on the high level of trust we have earned from our
consumers.
Homebuyers are encouraged to look for adherence to these principals as important selection criteria when
choosing a mortgage broker.
The "Best Business Practice Guidelines" are as follows:
Countywide Mortgage, a member of the National Association of Mortgage Brokers, and Countywide Mortgage, a properly
licensed/authorized entity, adheres to the Code of Ethics of NAMB and of my affiliated state association. Furthermore, as a
requirement of NAMB membership, I hereby subscribe Countywide Mortgage and its employees to the following "Best Business
Practices Guidelines." We will…
- Disclose accurate information in all solicitations and advertising;
- Discus and explain financing program options;
- Inform you, in writing, of lock-in options;
- Explain all documents of the loan application;
- Explain all associated costs of the loan application;
- Explain the disbursement of all loan applications;
- Explain the loan process, from application to closing;
- Charge only those fees which are disclosed or re-disclosed on your good faith estimate;
- Charge rates and fees that do not vary based on race, color, religion, natural origin, gender, marital
status, age, receipt of income from public assistance programs, or good faith exercise of rights under consumer
finance laws;
- Communicate with you throughout the loan process in a timely manner; Commit to be your financing resource
before, during, and after your transaction.
Other Guidelines, Standards, and/or Certifications:
- Secondary Market Agency Underwriting (GSE's) Guidelines - Outlines the individual agency's underwriting
guidelines, to the lender, for their purchase of mortgages. Currently there are four Government Sponsored
Enterprises (GSE), commonly referred to as Second Marketing Agencies. They are Fannie Mae, Freddie Mac, U.S.
Department of Housing & Urban Development's Federal Housing Administration (HUD/FHA), and the U.S. Department
of Veterans' Affairs (VA).
- NAMB CODE OF ETHICS; NAMB PROFESSIONAL CERTIFICATIONS; NAMB BEST BUSINESS PRACTICES (in development) - The
industry is committed to increasing its public perception as a leading player in the real estate community through
industrywide certification programs and an on-going pledge to the accuracy and quality of its products and
services.
- IN-HOUSE QUALITY CONTROL (QC) POLICIES AND PROCEDURES -- Over 71% of Mortgage Brokers have QC policies and
procedures in place. These include written documentation staff training, and independent reviews.
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