Brokers are bound by ethics code
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Regarding “Confusion rife for borrowers, study finds,” June 14:
Although the Federal Reserve and the Department of Housing and Urban Development oversee loan disclosure documents, the mortgage industry itself needs to practice full disclosure.
In December, the California Assn. of Mortgage Brokers released its Consumer Education and Protection Worksheet. The goal is to enable a borrower to make an informed decision.
We urge consumers to sit down with a qualified broker who will guide them through the complexities of the various mortgage products and give them honest and accurate answers.
Mortgage brokers have a professional and ethical duty to make sure all consumers get the best loan to fit their circumstances. Our association’s members adhere to a strict code of ethics and standards and have a responsibility to do everything possible to make sure borrowers have all the information necessary to make a smart decision when it comes to buying a home.
JACK WILLIAMS
President
California Assn.
of Mortgage Brokers
Folsom, Calif.
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