IMBA Code Of EthicsCode Of Ethics
The mortgage banker has the responsibility for financing most real estate transactions. In view of the fiduciary nature of his work, the highest ethical standards must be maintained in the handling of funds and property belonging to others. In his position of representing the borrower and/or lender, his duties of evaluation and disclosure must be discharged with diligence and integrity. As his duties on most transactions will be continuing in nature, this diligence and integrity must be maintained for as long as the indebtedness remains unpaid. Those who have accepted, or will accept, membership in Illinois Mortgage Bankers Association agree to adhere to the standards which are set forth in this Code of Ethics.
- Recognize his obligations to the community as an active citizen and person engaged in the profession of mortgage financing and keep himself fully informed on financial and economic conditions that may affect this field.
- Maintain the utmost care in advertising to the public, making sure that such advertising is clear and accurate with regard to services offered. Misrepresentation in any phase of advertising to the public is unethical and not to be condoned.
- Maintain standards of compensation for his services which are directly related to the value of the services performed.
- Maintain the highest standards in the appraisal of property for mortgage financing.
- Insist upon and provide full disclosure of all pertinent facts in any transaction so as to assure all parties the information necessary to allow sound, intelligent decisions.
- Protect the lender's interest in the mortgaged property with adequate property hazard insurance coverage in reputable companies acceptable to the lender. Alert the borrower as to the desirability of insuring his interest in the mortgaged property. If called upon, assist the borrower in obtaining such insurance. If called upon, assist in obtaining prompt, complete and equitable settlement of all claims.
- Maintain equal standards for financing without regard to race, color and creed.
Section 1. Classes of Members
IMBA shall have three classes of membership: (a) Regular Members (b) Associate Members and (c) Affiliate Members.
Eligibility for each class of membership shall be as follows:
All applicants for Membership shall be able to exhibit, in the application for Membership, sufficient knowledge, expertise, education and experience in the industry in the case of a Regular Member, or experience and/or a relationship to the industry in the case of an Associate/Affiliate Member.
Each applicant must be sponsored by a Member in good standing of IMBA who will be familiar with the business and personnel of the applicant and who must be prepared to support the application for membership of the applicant.
Applicants for membership shall furnish the information on the application form provided by IMBA. The fully completed application for membership shall be filed by the applicant with the Executive Director of IMBA.
Notice of admission to membership shall be sent by the Executive Director to the applicant with a statement of the dues to be paid by the applicant as hereinafter provided, payment of which shall be held as an acceptance of membership and an agreement to be bound by IMBA's By-Laws. Failure to make payment within thirty (30) days of receipt of notice of admission shall void such election.