Mortgage Trade Group Launches

With negative publicity related to the subprime mortgage market swirling, a group has launch a new association to help restore consumer confidence. The National Association of Mortgage Professionals Inc. has established professional standards to qualify mortgage and loan professionals and instituted a seal to reflect their approval by the association. The program, called Mortgage “M” requires industry professionals to pass a series of credential checks including a valid license, continuing education in the field and a background check. In addition, members must abide by a code of ethics developed by the group and be a member in good standing, which is reviewed annually. So far at least, most of the negative publicity aimed at the mortgage industry has been focused on some in the subprime market, where observers have charged lax qualifying standards for borrowers have led to a surge in foreclosures. But the trade association group believes that the news headlines have tainted a broader spectrum of the industry. “Consumers have lost faith in the lending industry as a whole, and we need a solution in place that will improve the way people experience the loan process,” said Michael Lefevre, founder and CEO of NAMP.