MBA of Pennsylvania Canon of Ethics

Each member of this Association pledges to observe and maintain the Cannon of Ethics and Standards of Practice of the Mortgage Bankers Association of America. These standards of conduct in dealing with the public and with other members are as follows:

CANON 1 Members shall conduct their business in a professional manner, ensuring that their personnel are knowledgeable in the areas of mortgage banking in which they participate and are acting in compliance with sound industry practices.

CANON 2 Members shall act in conformity with applicable laws and regulations and shall cooperate in every appropriate way with all governmental bodies in the interest of establishing and maintaining an efficient and fair framework for mortgage credit.

CANON 3 Members shall act in a manner that recognizes that integrity and confidence are essential in the mortgage banking business.

CANON 4 Members shall accord oral agreements the same sanctity given to written agreements.

CANON 6 Members shall encourage healthy competition in the mortgage banking business.

CANON 7 Members shall conduct their business without regard to the race, color, sex, religion, marital status, national origin, or age of the person with whom they deal.

CANON 8 Members shall preserve the integrity of all parts of a loan submission and appraisal report and make full disclosure of all pertinent facts including any interest they may have in the loan project or property.

CANON 9 Members shall consider a servicing contract to be an integral part of the mortgage banking correspondent system, and such a contract shall be terminated only with sufficient reason with the good faith nature of such a contract being recognized by both parties.

CANON 10 Members shall not quote to a prospective borrower rates or other loan items that are not likely of realization.

CANON 11 Members shall make all reasonable efforts to process loan applications and advise applicants of approval or disapproval promptly and to close and disburse in a timely manner.

CANON 12 Members shall use all efforts available in servicing investments entrusted to their care effectively to discharge their obligations to both investor and debtor.

CANON 13 Members shall maintain all monies that are received as escrow, reserve, or impound accounts in a prudent and identifiable manner and shall disburse these funds for the purpose for which they were received.

CANON 14 Members shall cooperate with the Ethics and Standards of Practice Committee in furnishing information relative to any investigation of possible violation of the Canons of Ethics and Standards of Practice.

Any member may be suspended or expelled from the Association for violation of the Canon of Ethics and Standards of Practice upon a two-thirds vote of the Board of Directors of the Association. No member shall be suspended or expelled until the member shall have had (a) due notice of the specific violation and (b) the reasonable opportunity to make defense.