A mortgage industry advisory corporation is a private, non-profit corporation whose sole purpose is to advise the mortgage lending industry. There are many mortgage industry advisory corporations that serve as the watchdog to ensure that the mortgage lending industry is following the laws that were enacted to protect the mortgage lending industry from predatory lending practices and fraud,
to ensure that the mortgage lending industry is working with borrowers to get their mortgages out of default and to prevent lenders from discriminating against borrowers on account of race, ethnicity, gender, religious affiliation, national origin, or country of origin. The mortgage industry advisory corporation is also responsible for reviewing, and recommending, the best practices for the mortgage lending industry to ensure that the lending industry is operating in an ethical and responsible manner, and for ensuring that the mortgage lending industry works to protect the interest of its clients.
A mortgage industry advisory corporation does not actually make loans. Instead, it serves as an advocate for borrowers who are seeking mortgage loans and acting as a watchdog to ensure that the mortgage lending industry is complying with the laws that were enacted to protect borrowers in their mortgage loan transactions. In addition, the mortgage industry advisory corporation can also provide advice to borrowers who are seeking to refinance their mortgage loans. A mortgage industry advisory corporation is an indispensable tool in the fight against predatory lending practices and fraud.
There are a number of mortgage industry advisory corporations, including the Consumer Financial Protection Bureau and the National Association of Securities Dealers, to name a few.Mortgage Industry Advisory Corporation