NRMLA ETHICS ADVISORY OPINION 2012-1 2012 Update: Ethical Advertising Practice Requirements September 20, 2012 The Ethics and Standards Committee (the “Committee”) of the National Reverse Mortgage Lenders Association, the trade association of the reverse mortgage lending industry, enforces the NRMLA Code of Ethics and Responsibility (the “Code of Ethics”). All NRMLA Members are required to comply with the Code of Ethics as a condition of their continued membership in NRMLA. If the Committee determines that a NRMLA Member has not complied with the Code of Ethics, sanctions may be imposed, up to and including the termination of its NRMLA membership. Committee decisions enforcing the Code of Ethics may be made public. The Code of Ethics may be found at www.NRMLAOnline.org. The Committee also interprets the Code of Ethics and, from time to time, may propose changes to it for consideration and approval by the NRMLA Board of Directors. Finally, the Committee periodically issues formal interpretations of the Code of Ethics (“Ethics Advisory Opinions”) for the guidance of NRMLA Members. This Ethics Advisory Opinion 2012-1 is the Committee’s 2012 Update to NRMLA Members with respect to their ongoing Ethical Advertising obligations under the Code of Ethics. The Committee’s Ethics Advisory Opinions may also be found at www.NRMLAOnline.org. This NRMLA Ethics Advisory Opinion 2012-1 has two main objectives. First, through it, and as further explained below, the Committee makes plain its view that the false or misleading advertising by a NRMLA Member or on its behalf that there is “no fee” or “no cost” to the senior in obtaining a reverse mortgage loan is Unethical Advertising, barred under the Code. Second, this Ethics Advisory Opinion 2012-01 updates and re-iterates the Committee’s commitment to helping assure that NRMLA Member only engage in Ethical Advertising, and, accordingly, the Committee re-publishes its prior guidance in this area and also appends a list of the NRMLA “Dirty Dozen” Unethical Advertising Practices drawn from and based upon it. The Committee issued its first Ethics Advisory Opinion (2008-1) on February 28, 2008, shortly after NRMLA first promulgated its revised Code of Ethics in its current form. It is noteworthy that the subject matter of that first Ethics Advisory Opinion was “Ethical Advertising.” 47
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