CHAPTER 1

MISSION STATEMENT/ CODE OF ETHICS/

BEST PRACTICES

MISSION STATEMENT

The CCAR Mortgage Financing Committee is committed to increasing the knowledge of REALTORS® and Affiliate Members with regards to mortgage financing and industry trends.  This will be attained through education, superior service, promoting community involvement, and requiring excellence and integrity in everything we do.  We pledge compliance with Fair Housing Guidelines, applicable banking laws and regulations and our adopted Code of Ethics and policy of “Best Practices”.

 Listed below, the CCAR Mortgage Financing Committee is comprised of industry professionals who have worked very diligently to prepare this publication of

Mortgage Financing Guidelines:  

Connie Dube, Co-Chair (cdube@firsthomemtg.com)

First Home Mortgage                                 Office: 410-832-2600

1402 York Road, Suite 300                      Cell:    410-218-4561

Lutherville, MD  21093                              Fax:    410-832-2863  

Tim O’Connell, Co-Chair (tim@md-pahomeloans.com)

Alliance Mortgage Funding, Inc.              Office:  800-786-1003 x114

111 Warren Road, Suite 10A                       Cell:    410-207-7259

Hunt Valley , MD   21030-2452                   Fax:    410-683-2250  

Kathy Cheatham (Kathy.cheathan@ncmc.com)

National City Mortgage                              Office: 410-318-6320

2800 Quarry Lake Drive S-200                Cell:    410-375-3603

Baltimore , MD   21209                                 Fax:    410-318-6362  

Mark B. Davis (markdavis@mris.com)

RE/MAX Advantage Realty                       Office:  800-277-5802

1720 Liberty Road                                        Cell:    410-596-2273

Eldersburg , MD   21784                                Fax:  410-549-4559  

Jan Hagedorn-Reynolds (jan@oldwestminsterealty.com)

Old Westminster Realty, Inc.                    Office:  410-871-1110

531 Old Westminster Pike, Ste. 207         Cell:  443-605-5484

Westminster , MD   21157                             Fax:    410-871-0677  

Chris Nieberlein (chris.nieberlein@chase.com)

Chase Manhattan Mortgage Corp.            Office:  800-556-6940

511 Jermor Lane, Suite 202                       Cell:    410-913-1530

Westminster , MD   21157                             Fax:    410-751-2841  

Barbara Ringrose (bringrose@bbandt.com)

BB & T Mortgage Company                       Office:  410-857-3496

45 West Main Street                                    Cell:  443-797-2104

Westminster , MD   21157                             Fax:  410-751-9698  

 

CODE OF ETHICS  

Affiliate Banking Members of CCAR subscribe to the following
Code of Ethics:  

ź  HONESTY & INTEGRITY

Members shall conduct business in a manner reflecting honesty, honor and integrity.  

ź  PROFESSIONAL CONDUCT

Members shall conduct their business activities in a professional manner.  Members shall not pressure any provider of services, goods or facilities to circumvent industry professional standards.  Equally, members shall not respond to any such pressure placed upon them.  

ź  HONESTY IN ADVERTISING

Members shall provide accurate information in all advertisements and solicitations.  

ź  CONFIDENTIALITY

Members shall not disclose unauthorized confidential information.  

ź  COMPLIANCE WITH LAW

Members shall conduct their business in compliance with all applicable laws and regulations.  

ź  DISCLOSURE OF FINANCIAL INTERESTS

Members shall disclose any equity or financial interest they may have in the collateral being offered to secure a loan.  

BEST PRACTICES

 Affiliate Banking Members of CCAR have agreed to the following policy of “Best Practices”:  

1.        We agree to put forth accurate “Pre-Qualification Letters” and/or “Pre-Approval Letters”.  A “Pre-Qualification Letter” does not require that a credit report be examined, but a verbal communication with the potential buyer must occur and income and debt levels (ratios) be established.  A “Pre-Approval Letter” includes the examination of a credit report, calculation of ratios, employment verification and verbal income documentation, if exact income documentation cannot be gathered.  

2.       We agree to give each potential buyer a Good Faith Estimate, Truth-In-Lending Disclosure and Lock-In-Agreement within three (3) calendar days of application.  If the buyer chooses not to lock in at that time of application the Lock-In Agreement should indicate a “Float” arrangement, and the buyer must notify the Lending Institution at the time they desire to “Lock-In” an interest rate.  

3.       We agree to read over the Real Estate Contract and make notations regarding specific dates in the contract pertaining to settlement date, application date, commitment date, date of home inspection, this date and that date.   We further agree to put forth our best efforts to meet these dates and communicate with all necessary parties if a delay is anticipated.  For the protection of all parties involved, it is best that this communication be put forth in writing as well as verbally.  

4.       We agree to order an appraisal in a timely manner and confer with the appraiser should the value fall below the contract sales price.  We agree to notify the appropriate parties and begin to work out the necessary steps to resolve these differences with the assistance of those parties involved.  

5.       We agree to send out Commitment Letters, which explains that the loan has been approved on certain terms and subject to certain requirements, and put forth our best efforts to accomplish by the date indicted in the contract.  We also agree to list any additional requirements, such as a hazard insurance policy naming the lender as mortgagee, a survey, a termite report, or any other item necessary to complete the loan.  

6.       We agree to put forth our best effort to assure that the closing package arrives at the settlement office twenty-four (24) hours prior to settlement and notify the appropriate parties should that not occur and when delivery is expected.  We also agree to review the settlement sheet and compare the “actual” numbers with the estimate we provided at application.  

The CCAR affiliate lenders who have agreed to the above Code of Ethics and policy of “Best Practices” are the lenders with whom you can be confident will do “Better Business…..the Carroll Way ”!   

For a complete list of these Banking Affiliates, visit the CCAR website at www.carrollcountyrealtors.net.