Rule 106 of the Code of Ethics, related to the Value of Fairness, provides that NRMLA Members shall, “offer and provide their products and services to all consumers who may be eligible or qualified for them and in compliance with all applicable fair housing and fair lending laws.” Rule 107 of the Code of Ethics, also related to the Value of Fairness, provides that NRMLA Members shall describe to consumers the range of programs and products generally available in the marketplace that may provide a “bona fide advantage” to such consumers. Indeed, Ethics Advisory Opinion 2018-1 (Re-Affirming the Code of Ethics Bona Fide Advantage Requirement) (June 29, 2018), noted the requirement, under the Code of Ethics, that NRMLA Members act with “honor and integrity” for the benefit of “the seniors whose interests they serve,” and that they only do so if they provide such a bona fide advantage to all such consumers. The fifth Value that the NRMLA Code of Ethics embraces is Diligence. Diligence under the Code of Ethics requires that NRMLA Members “provide services to consumers with diligence and due care, promptly, thoughtfully, in a manner considerate of the interests of consumers and fully in compliance with all applicable legal and regulatory requirements.” Under these provisions of the Code of Ethics, and others, NRMLA Members are required to offer to all applicants Loan credit terms that are not among others disadvantageously priced based on their more advanced ages, and thereby make available and provide to all such applicants (and not just relatively younger ones) the “bona fide advantage” to which all are entitled under its provisions. Accordingly, under the Code of Ethics, NRMLA Members may not offer or charge a higher interest rate, or other less favorable Loan credit pricing terms, based on an applicant’s more advanced age or a proxy for an applicant’s age. These Code of Ethics requirements for NRMLA Members, it is noted, also appear generally to be consistent with provisions of the federal Equal Credit Opportunity Act (and its Regulation B) and other applicable federal and state fair credit and lending laws that also need be considered by NRMLA Members (and their respective advisors) as they establish the credit pricing terms they offer to Loan applicants. In that connection, it is noted that Regulation B, for example, generally provides that in the limited circumstances when an applicant’s age may be considered under its provisions, such consideration generally must favor the elderly applicant. See 12 C.F.R. § 1002.6(2)(b)(iv). Conclusion. NRMLA Members, Loan applicants, and others are urged to bring to the attention of NRMLA’s President and the Committee concerns they have about potential unethical Loan credit pricing practices, directly or indirectly, by NRMLA Members, for consideration and action by the President and Committee in accordance with the procedures described in the Code of Ethics. Contact information for NRMLA may be found at its website at www.NRMLAOnline.org. 83
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