Code of
Ethics
TENNESSEE MORTGAGE BANKERS ASSOCIATION
Since its founding, the Tennessee Mortgage Bankers
Association has placed a high value on honesty, integrity, and service. All TMBA
members are expected to conduct business in accordance with the highest
standards of business ethics. The TMBA expects ethical behavior from its members
and encourages it in those with whom we do business.
Together with the Canons of Ethics and
Standards of Practice of the Mortgage Bankers Association of
America, which the TMBA has also adopted, this Code of Ethics
offers a standard for business and personal conduct for TMBA
employees.
The TMBA Code of Ethics is concerned primarily with the
behavior of member firms and their employees in four primary areas:
Impartiality, Confidentiality, Fiduciary Responsibility, and Legal
Responsibility. It is expected that all member companies will conduct business
in accordance with the law and with standards set forth in this Code of Ethics.
Impartiality
– TMBA members should not discriminate in providing access to
mortgage credit to anyone on the basis of age, race, creed,
color, sex, marital status, familial status, disability,
religion, or ethnic or national origin.
Only objective factors affecting the market value of the
security or the credit standing of the borrower should be considered in
underwriting mortgage loans.
Confidentiality
– TMBA members should provide for confidential treatment of all
credit and loan information in their custody and shall only
release such information with the prior approval of the
applicant or mortgagor. Members should guard the confidentiality
of information, protecting both credit and loan information
regarding parties with whom we do business.
Fiduciary Responsibility
– TMBA members should administer all funds received in escrow, reserve, impound,
or payments on account and shall provide for the continuous monitoring,
maintenance, and proper reporting of such accounts.
Members must disclose any personal
interests in any mortgage transaction and shall avoid any
conflict of interest in all business dealings with both the
public and other members.
Legal Responsibility
– TMBA members should comply with all applicable laws and
regulations relating to their business and the mortgage banking
industry. In addition to complying with applicable laws, TMBA
members agree to provide equal employment opportunities and
avoid practices that include discrimination, harassment or
unfair conditions.
