The National Association of Mortgage Fiduciaries was formed primarily to educate and guide mortgage lenders into fiduciary status. We recognize that the mortgage lending industry is undergoing dramatic change.  The current global economic crisis which began with the subprime meltdown in 2007 has historic roots in mortgage lending securitization and the eventual relaxation of underwriting guidelines.  Rising mortgage defaults and foreclosures have had a severe impact on families and communities throughout the United States.  NAMF members believe that in order to restore consumer confidence in mortgage lending, it is important to acknowledge our industry’s role in the crisis as a whole group, even if individually, not one of our loans has ever defaulted. 

During the real estate appreciation rise between 2001 and 2007, the standards of practice at mortgage lending institutions have varied widely.  NAMF members acknowledge that the mortgage lending industry has never had a well-drafted, specific code of ethics. Standards of practice have been left to state and federal law, which becomes problematic when state and federal laws are ambiguous and subject to many different interpretations.  NAMF acknowledges that there never will be enough government resources to regulate all of us every day.  If this were the case, our industry would be paying an inordinate amount of money in government regulatory fees at the state and federal level. 

Members of NAMF acknowledge that the future of the mortgage lending industry depends largely upon the honor, integrity, fidelity and good character of its members.  As such, NAMF members pledge to maintain and improve the ethical standards of practice of this new profession, that of “mortgage fiduciary.”  NAMF members promise to conduct business in a fair, competent, and honest manner and no inducement of profit or other personal gain can ever justify a departure from the high standards of trust between clients and mortgage fiduciaries. NAMF members acknowledge and accept the responsibility that comes from our client’s reliance on our expertise, honesty, and guidance in the purchase or refinance of a home. NAMF members pledge to:  Improve the performance and public perception of the mortgage lending industry, develop and implement sound ethical business practices, stay informed about changes in mortgage lending laws at the state and federal level, and cooperate with public and private agencies in the development and elevation of standards of practice.

NAMF intends to offer a variety of educational programs and services to assist mortgage fiduciaries in achieving their business goals.