If you see a lender, broker or counselor displaying the gold shield containing the words “Mortgage Collaborative Certified” and the image of a home, it means that organization has been certified as meeting all of the “Fair and Safe” Standards established by the Fair Mortgage Collaborative. These Standards establish general parameters of conduct, prohibit dangerous loan products, and place restrictions on other loan products that pose serious threats to consumers. (For more information about the Standards, click here.)
Lenders, brokers and counselors cannot just say that they will follow all the Standards — they have to prove it. The Fair Mortgage Collaborative has created a subsidiary, the Fair Loans Certification (FLC), which conducts rigorous tests on every organization that requests to be certified as meeting the standards. The testing includes an initial audit, a review of all loans originated or brokered, and random ongoing compliance audits. If the initial audit reveals that an organization does not follow the Standards, the organization does not receive certification. If the ongoing testing process reveals that a certified organization is not following the Standards as it committed to doing, the organization will be de-certified.
Testing of the loans is conducted by the Automated Transaction Review System (ATRS), a technology developed by the Fair Mortgage Collaborative in conjunction with a contractor, Mortgage Grader.
If you see a lender, broker or counselor displaying the gold shield containing the words “Mortgage Collaborative Certified” and the image of a home, it means that organization has been certified as meeting all of the “Fair and Safe” Standards established by the Fair Mortgage Collaborative. These Standards establish general parameters of conduct, prohibit dangerous loan products, and place restrictions on other loan products that pose serious threats to consumers. (For more information about the Standards, click here.)
Lenders, brokers and counselors cannot just say that they will follow all the Standards — they have to prove it. The Fair Mortgage Collaborative has created a subsidiary, the Fair Loans Certification (FLC), which conducts rigorous tests on every organization that requests to be certified as meeting the standards. The testing includes an initial audit, a review of all loans originated or brokered, and random ongoing compliance audits. If the initial audit reveals that an organization does not follow the Standards, the organization does not receive certification. If the ongoing testing process reveals that a certified organization is not following the Standards as it committed to doing, the organization will be de-certified.
Testing of the loans is conducted by the Automated Transaction Review System (ATRS), a technology developed by the Fair Mortgage Collaborative in conjunction with a contractor, Mortgage Grader.