standard by which HUD, other regulators, and seniors judge and evaluate the conduct of all who offer such products to seniors as their trusted advisors. The Code of Ethics . The first Value that the NRMLA Cod e ofEthics embraces is Fairness. Fairness under the Code of Ethics requirsethat NRMLA Members treat seniors with “respect and dignity, and in a manner that is fiar, reasonable, and as theywould want to be treated.” Additio nal Values embraced under the Code of Ethics require Integrity, Competence, Diligence, and Professionalism. Rule 102 of the Code of Ethics requires that NRMLA Member revers e mortgage compensation be reasonable in amount and be clearly and timely described to seniors. Rule 103 of the Code of Ethics states that NRMLA Members directly or indirectly offering or providing goods or services to seniors (including, for example, insurance or investment products) in conjunction with or that are related to their reverse mortgage lending a ctivities for such seniors, shall do so only in a manner consistent withpplaicable law and under terms and conditions that are clearly and timely descr ibed to seniors. Rule 107 of the Code of Ethics requires that NRMLA Members desibcre to seniors the range of programs and products offered by the Member that may provide “a bona fide advantage” to such seniors. Rule 301 of the Code o f Ethics requires NRMLA Members accurately to descr ibe both the cos ts and benefits of the products and services preseendt to seniors. Rule 302 of the Code of Ethics bars NRLMA Members from requiring, directly or indirectly, that seniors purchase other products or services in order to obtain reverse mortgage loans. Rule 303 of the Code of Ethics generally erquires NRMLA Memb ers to arrange for the disbursement of reverse mortgage proceeds directly to seniors . Rule 402 of the Code of Ethics generally erquires NRMLA Memb ers to advise seniors to seek appropriate professional counsel and advice prior to making decisions involving reverse mortgages, and bars NRMLA Members not qualified and appropriately licensed to provide such counsel and advice to seniors from providing such advice and counsel. Rule 501 of the Code of Ethics requires NRMLA Members to exercise reasonable efforts to secure sufficient information to determine the senior's needs and objectives . Rule 605 of the Code of Ethics generally erquires NRMLA Members to comply with all applicable regulatory requirements. HUD’s Guidance. In Mortgagee Letter 2008-24 (S eptember 16, 2008) (Home Equity Conversion Mortgage (HECM) Program – Requirements on Mortgage 18
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