Seeing a Need for Industry Coordination

Efforts to coordinate market participants and the creation of an industry "code of conduct" areamong things that William DiPaolo, chief executive officer of Cogent Road here, would like to see discussedat the Mortgage Bankers Association's annual meeting when it is held in his "hometown" this year.

We see a need for originators and the industry as a whole to work more efficiently with each other," he said. Mr. DiPaolo also noted that he also has been concerned that consumers have come to see marketparticipants as "falling away from a true code of conduct. "The latter, he said, has "caused ... some consumers [to think] this industry can't be trusted," something hesaid is a shame, given that many in the business are hardworking and ethical.

As a result, Mr. DiPaolo said he would like to see an industry code of conduct created to "get the messageout to consumers ... that the mistakes of the past are not going to happen again." He said he would like to see other vendors and lenders at the meeting and the Mortgage BankersAssociation "formulate a consistent training method" that would result in the creation of an industry "seal ofapproval" and help build consumer confidence. Mr. DiPaolo said part of this would include formulating a standard for training that vendors like his companywould have to go through to obtain that seal of approval.

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