MORCSA's Code of Good Practice

The MORCSA Code of Good Practice is the foundation of professional membership. 

It defines not only what Members are required to do, but the standard of integrity, judgement and professionalism with which they are expected to do it. 

The Code was developed because mortgage origination plays an important role in access to residential property finance, and MORCSA recognises that both Consumers and Credit Providers need to have confidence in the conduct of Members. 

Its stated purpose is therefore to establish standards of good industry practice and fair dealing, and to strengthen public confidence in the provision of Mortgage Origination Services. 

A particularly important feature is that the Code is expressly principles-based. It does not attempt to predict every possible situation a Member may encounter. Instead, it establishes ethical expectations and requires Members to exercise ethical discretion where the rules do not expressly provide an answer.  

This means compliance is not simply a question of asking, “Is there a rule that prohibits this?” It also requires Members to consider whether their conduct is consistent with the values and professional standards that MORCSA expects.

 At the heart of the Code are eight ethical principles:

• Consumer First — the Consumer’s interests must not be subordinated to personal advantage. 
• Integrity — Members must act with honesty, fairness, consistency and candour. 
• Objectivity — professional judgement must be impartial, with conflicts identified and managed. 
• Fairness — Consumers and other stakeholders must be treated fairly and provided with understandable, unbiased information. 
• Competence — Members must maintain appropriate knowledge, skills and professional development. 
• Confidentiality — Consumer information must be properly protected. 
• Diligence — professional commitments must be performed thoroughly and timeously. 
• Professionalism — Members must behave with dignity, respect and in a manner that enhances the reputation of the profession.  

These principles are then translated into practical standards of behaviour.