Ethics and Mortgage Lending: What do you think is important?
If you had a chance to tell mortgage brokers, originators, lenders, and other professionals what you consider unethical, what would you tell them?
I am preparing a class on Ethics that will be offered to mortgage professionals throughout the country, and would like some additional input. We have the framework of the class, but I'd like to hear what ideas customers and other lending professionals might have that could be included.
Is there anything you want them to be sure to hear and discuss? Any specific examples of ethical or unethical behavior? Anything else you think should be covered?
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They are obliged by morality to treat each case individually. Quite often, due to the rigid evaluation process of credit worthiness of the borrower, many good people are rejected. They may have full intention, and a strong sense of commitment, when they go to a bank to borrow for their home but quite often they are left out in the cold. No consideration is given to them simply because they may fail to meet one or two simple and minor requirements. The lenders have that ethical obligation to re-evaluate such hardship cases and make exceptions. This can only happen when they apply the human touch to lending practise instead of behaving like robots, who are too quick to cover their butt, rather than help build communities.