The following is adopted as the Code of Ethics of the Mortgage Bankers Association of St. Louis.

This Association recognizes to the fullest extent the obligation of its members to act in accordance with the highest standard of business ethics and to fulfill in every respect the fiduciary duties of their transactions.

It expects and demands fair and honorable conduct of its members in all their dealings with others; it encourages full disclosure and open acknowledgment of business methods and competitive practices; it promotes the conception of mortgage banking as a necessary and honorable profession.

It pledges such diligence on the part of each of its members and such cooperation between theta as will commend and keep the respect, not only of borrowers and lenders, but of the public in general.

This Association has based its Canon of Ethics and Standards of Practice on the National Mortgage Bankers.

Those Standards are as follows;

Standards of Practice 1

Members conduct their business in a professional manner, ensuring that their personnel are knowledgeable in the areas of mortgage banking in which they participate and are acting in compliance with sound industry practices.

Standards of Practice 2

Members act in conformity with applicable laws and regulations and cooperate in every appropriate way with all governmental bodies in the interest of establishing and maintaining an efficient and fair framework for mortgage credit

Standard of Practice 3

Members act in a manner that recognizes that integrity and confidence are essential in the mortgage banking business.

Standard of Practice 4

Members can not breach or avoid an agreement or commitment,

Standard of Practice 5

Members encourage healthy competition in the mortgage banking business,

Standard of Practice 6

Members conduct (heir business without regard to the race, color, sex, religion, marital status, handicap, familial status, national origin, or age of the persons with whom they deal,

Standard of Practice 7

Members do not quote to a prospective borrower interest rates or other loan terms that are not likely of realization.

Standard of Practice 8

Members make all reasonable efforts to process loan applications and advise applicants of approval or disapproval promptly and to close and disburse in a timely manner.

Standard of Practice 9

Members preserve the integrity of all parts of a loan submission and appraisal report and make full disclosure of all pertinent facts, including any interest they may have in the loan, projector property.

Standard of Practice 10

Members consider a servicing connate to be an integral part of the mortgage banking con-respondent system, and such a contract shall be terminated only with sufficient reason With the good faith nature of such a contract being recognized by both parties.

Standard of Practice 11

Members use all efforts available in servicing investments entrusted to their care effectively to discharge their obligations to both investor and debtor in a responsive manner.

Standard of Practice 12

Members take all reasonable steps to assure that both investors and debtors are not unduly inconvenienced by the member s Transfer of servicing.

Standard of Practice 13

Members maintain all monies that are received as escrow, reserve, or impound accounts in a prudent and Identifiable manner and disburse these finds for the purpose, for which they were received.

Standard of Practice 14

Members cooperate with the Ethics and Standards of Practice Committee in furnishing information relative to nay investigation of a possible violation of the Standards of Practice.