Best Practices

By signing an application for membership in the California Association of Mortgage Professionals, every applicant signals his or her commitment to uphold CAMP's values as follows:

"I pledge to conduct my business in accordance with the laws, rules, and regulations of the state of California, the federal government, and in accordance with the Code of Ethics, Standards of Practice, Bylaws, and Board policies of the California Association of Mortgage Professionals, and the National Association of Mortgage Brokers, as applicable. I understand that failure to do so may result in the termination of my membership without refund."


Code of Ethics

The members of the California Association of Mortgage Professionals, believing that the interest of the public and private sectors are best served through the voluntary observance of ethical standards of practice, hereby suscribe to the following Code of Ethics.

Honesty and Integrity
CAMP members shall conduct business in a manner reflecting honesty, honor, and integrity.

Professional Conduct
CAMP members shall conduct their business activities in a professional manner.

Honesty in Advertising
CAMP members shall endeavor to be accurate in all advertisements and solicitations.

Confidentiality
CAMP members shall avoid unauthorized disclosure of confidential information.

Compliance With Law
CAMP members shall conduct their business in compliance with all applicable laws and regulations.

Disclosure of Financial Interests
CAMP members shall disclose any financial interest they may have in a loan transaction.

CAMP Standards of Professional Practice

Standard of Professional Practice
CAMP members and affiliates recognize the sanctity of each other's customer base and clientele and agree not to make overt attempts to recruit customers that are currently working with other mortgage professionals; excepting that, mortgage professionals may entertain new relationships when the potential customer has sought out the mortgage professional.  This includes cross-qualification of prospective borrowers who have already been pre-qualified by another mortgage professional.

CAMP members and affiliates will refrain from disparaging competing mortgage professionals to potential borrowers and/or their Realtors.

A Guide to Ethical and Professional Practices

Housing is one of the most basic of all human needs. Home ownership is an integral part of the fulfillment of the American Dream. Members of the California Association of Mortgage Professionals (CAMP) act as consumer advocates while obtaining the finest financing that is available for the achievement of this dream. The role of the CAMP member is an honor as well as a social responsibility. CAMP members adhere to the highest standards of ethical and professional conduct while fulfilling this responsibility.

The following Standards of Professional Practice are a model by which CAMP members can measure their performance. No Standards of Practice can prescribe actions covering all situations. Common sense and good moral judgment are required in applying ethical principles to the complex realities of the mortgage professional's duties. Adherence to these Standards will enhance professionalism in the Mortgage industry and foster goodwill among those who do business with CAMP members.

Read the Articles HERE

CAMP's Stand on Predatory Lending

Equal access, full disclosure and objective evaluation

The California Association of Mortgage Professionals supports consumers’ right to be treated fairly and honestly, and to be given equal access, full disclosure, and be subject to an objective evaluation of their creditworthiness.

Ethical mortgage  professionals utilize recognized standards including work history, creditworthiness, down payment capacity and debt-to-income ratios to evaluate and process loan applications. They strive to provide consumers with a variety of options based on each consumer’s individual financial situation and long-term goals. Professional loan originators explain all relevant loan information and give consumers the time necessary to make informed and considered decisions regarding their home financing choices. By contrast, predatory lending practices are based on fraud, deception, coercion and greed. The Association unconditionally denounces predatory lending practices.

PREDATORY LENDING is intentionally placing consumers in mortgage loans with significantly worse terms and higher costs than loans offered to similarly qualified consumers, by the majority of mortgage professionals or lenders in the region, for the primary purpose of enriching the loan originator and with little or no regard to the costs to the consumer.

Predatory lending is not only unethical, predatory lending practices are often violations of State and Federal law! Examples include:
  • Fraud: Forged loan documents, falsified tax returns or other documents, overstating income or assets to qualify borrowers for loans they cannot afford, inflated appraisals.
  • Discrimination: Charging higher rates and fees, with less favorable terms, to borrowers based on their race, national origin, age, marital status or neighborhood, than would be charged according to traditional factors such as employment history, credit record, and sufficient income to make required mortgage payments.
  • Misrepresentation: The costs or loan terms at closing are not as advertised, or as presented at the time of application, and which are not properly disclosed prior to closing as mandated by law.
  • Bait and Switch: Qualified borrowers are steered away from affordable options for the express purpose of increasing fee income to the unethical loan originator.
  • Non-Disclosure: Key costs, fees, and terms are not disclosed, or inaccurately or only partially disclosed in violation of law and State and Federal lending regulations.
To protect consumers from falling victim to predatory lending practices, the California Association of Mortgage Professionals encourages its members to advise borrowers to:
  • Never sign a blank document.
  • Read all documents carefully and ask questions. Do not be hurried into signing anything you do not clearly understand. Stop the entire transaction if you feel you are not getting clear answers.
  • Be wary of telephone, mail or e-mail solicitations, especially promises that seem "too good to be true."  Experience shows they probably are.
  • Do not be pressured into applying for more money than you can reasonably be expected to pay back according to the terms of your loan.
  • Get copies of all loan documents, especially anything you have signed.
  • Whenever possible, seek recommendations from friends, associates, and other trusted advisors, to assist in selecting a broker or lender.
Consumer complaints may be directed to CAMP, where CAMP staff and the Best Practices and Professional Standards Committee will attempt to resolve the issue, or refer the consumer to the regulatory agency with responsibility for, and authority over, the area of dispute.

If you would like to file a complaint click here.

Regulating Agencies

California Bureau of Real Estate
1651 Exposition Blvd, Sacramento, CA 95815
Phone: 916-263-8941

Mortgage Loan Activities Unit:
(916) 263-8941
Consumer Help:
(877) 373-4542
CA BRE License information:
(877)-373-4542

http://www.dre.ca.gov/Contact.html 

BRE DISTRICT OFFICES:
2550 Mariposa Mall, Room 3070
Fresno, CA 93721-2273
(877) 373-4542

1515 Clay Street, Suite 702
Oakland, CA 94612-1462
(877) 373-4542

320 W. 4th Street, Suite 350
Los Angeles, CA 90013-1105
(877) 373-4542

1350 Front Street, Suite 1063
San Diego, CA 92101-3687
(877) 373-4542

Department of Business Oversight
DBO Main Office

1515 K Street, Suite 200

Sacramento, CA 95814-4052
(866) 275-2677

Consumer Service -Toll Free                                                                              (866) 275-2677 or (916) 327-7585

For Complaints - please choose a method to submit your information on

http://www.dbo.ca.gov/Consumers/consumer_services.asp

 

 

Federal Trade Commission
600 Pennsylvania Avenue NW
Washington, D.C. 20580
(202) 326-2222
https://www.ftc.gov/contact

Office of Thrift Supervision
Pacific Plaza
2001 Junipero Serra Blvd., Ste. 650
Daly City, CA 94014-1976
(650) 746-7000

http://www.manta.com/c/mm3vlt7/office-of-thrift-supervision        

 

Office of Thrift Supervision
Bentall Executive Center
1551 No. Tustin Ave., Suite 1050
Santa Ana, CA 92705-8635
(714) 796-4700
http://www.manta.com/c/mm044bh/office-of-thrift-supervision

U.S. Dept. of Housing & Urban
Development (HUD)

451 7th Street SW
Washington, DC 20410
(202) 708-1112

http://portal.hud.gov/hudportal/HUD?src=/contact/address
     

2017 © California Association of Mortgage Professionals
1022 G Street, Sacramento, CA 95814
Phone: (916) 448-8236 | Fax: (916) 442-3616
info@thecampsite.org
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