Does your State mortgage originator licensing regulations say you have a “Fiduciary Duty” to your customers? Or does it say “you must provide the consumer with a reasonable, tangible net benefit” from a loan you provide? Both of these may soon be nationally mandated requirements if Congress has anything to say about it.

The House of Representatives pulled no punches on Tuesday at its hearing on subprime and predatory mortgage lending as they took National Association of Mortgage Brokers President Harry Dinham to task on the subject of who brokers really work for, if they deny ‘fiduciary responsibility’ to their borrowers.

Although violating either of those standards may subject you to harsh discipline and potentially aggressive punishment, it is the presence of Ethics & Integrity which will carry you through a life long career in our fine industry.

I’m sure you’ve heard many times lately that it’s a short walk from unethical actions to full-blown fraud - but more importantly, are your actions ethical when it comes to serving a customer?

Here’s a couple of mental questions to ask yourself: If you have strong Ethics, do you understand it means how you behave when no one is watching? - because that’s exactly what it means! Do you RAT OUT a fellow loan provider when you see he/she isn’t acting ethically? Do you realize you ARE your brother’s keeper in this industry … what the ‘next guy’ does can make us all bleed! This last ‘cycle’ (1998 to 2007) brought us many long term problems (only now becoming apparent) - 99% of which be brought on ourselves … by going along with the crowd.

Article by Peter Samuel Cugno, Chairman & CEO of Secret! University, the educational division of Americas Money Center, Inc. with 40 years experience in the subprime industry niche. Questions or comments may be directed to Peter 310-833-4068 or online at: http://www.americasmoneycenter.com