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IMBA’s Standards of Professional Conduct

The Standards of Professional Conduct of the Independent Mortgage Brokers Association of Ontario (IMBA) are not intended to be exhaustive but rather to be an indication of the intent and objective of IMBA and its Members to act morally, with competency, honesty and integrity in their dealings with the public. Members, when contemplating their actions, should consider the “Golden Rule”.

 

ARTICLE 1

Members shall conduct their business in a professional manner, ensuring that they and their personnel are competent in the areas of mortgage lending in which they practice and are in compliance with sound industry standards.
 

ARTICLE 2

Members shall abide by all federal and provincial laws and comply with the rules and By-Laws of the Association. Members shall co-operate in every appropriate way with governing bodies charged with regulating the practice of mortgage brokers, thereby assuring the public with fair and honest treatment.
 

ARTICLE 3

Members shall act in a manner that recognizes that integrity, honour and competency are essential in the mortgage brokerage business.
 

ARTICLE 4

Members must make every reasonable effort to assure advertising and other business practices do not contain any misrepresentation of facts and are not misleading to the public.
 

ARTICLE 5

Members shall conduct their business so as not to deny equal professional services to any person for reasons of race, colour, creed, gender, sexual orientation, place of origin, marital status, age or disability.
 

ARTICLE 6

Members shall fulfill their obligations under written or oral agreements with another person, and shall not breach or avoid a commitment made in good faith to another person.
 

ARTICLE 7

Members shall make all reasonable efforts to facilitate each loan application in a timely manner and to advise clients of the loan’s status promptly and ensure that the loan is closed in a timely fashion.
 

ARTICLE 8

Members shall keep private and confidential all information gained during the mortgage transaction and disclose only that information that a borrower or lender would require to make an informed decision.
 

ARTICLE 9

Members shall avoid conflicts of interest. If a conflict of interest comes to the attention of the Member, the Member has a duty to promptly disclose in writing, the conflict to all parties to the transaction.
 

ARTICLE 10

Members shall not speak falsely or disparagingly of the business practices of another Member.