Who is WAMBI?

WAMBI is the Washington Association of Mortgage Brokers, Inc., a non-profit Washington State Corporation.

The Objectives of WAMBI are:

  1. To promote high standars of business practices and ethics among its members.

  2. To increase comprehension of mortgage operations by providing educational programs to the public, other real estate professionals and to its own members.

  3. To increasingly protect the interests of the real estate industry, and the public via legislative actions.

  4. To increase a cooperative liasion with other professional groups concerned with the field of real estate.

To accomplish these objectives, the member broker shall:

  1. Act in accordance with all Federal laws, rules and regulations, as well as those of the state, county and city in which business is conducted and the Bylanws of the Washington Association of Mortgage Brokers.

  2. Conduct business in a manner reflecting honor and integrity. To avoid and report fraudulent and unethical proctices to the Association and to the State or Federal Agency charged with regulating such practices.

  3. Operate their business in such a manner as to protect and promote the interests of the client. The obligation of absolute fidelity to the client's interes is primary.

  4. Abide by generally accepted principles of real estate valuation when reporting to the investor regarding the valuation of the offered collateral for the client's loan.

  5. Accurately and, as reasonably possible, completely document all credit information of the client and to submit same to the investor in a form and content such that the investor may rneder an underwriting opinion.

  6. Advise all relevant parties of any equity interest they may have in the collateral offered as security for the mortgage loan.

  7. Not advise, advertise or intimate loan terms, and conditions not available and not likely to be made available.

  8. Attempt to put all agreements into written form but in any case shall abide by all agreements entered into whether written or oral.

  9. Maintain separate accounts from any personal accounts for the doposits of loan funds.

  10. Not speak disparagingly of the business practices of a competitor or of a transaction being negotiated by a competitor.