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MBAG
BY LAWS RELATED TO MEMBERSHIP
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ARTICLE
I, SECTION 1.
The purposes of this Association shall be to preserve and improve the
mortgage banking correspondent system and to encourage its use in the
making and servicing of mortgage loan investments; to encourage among
its members sound and ethical business practices and methods in the
making, marketing and servicing of real estate mortgage loans; to inform
its members of changes of mortgage laws and as to pending legislation
affecting the real estate and mortgage businesses; to sponsor educational
meetings for the discussion of real estate mortgage problems; and to
cooperate with the public and private agencies in the establishment
of sound and ethical real estate practices.
ARTICLE II, SECTION I.A.
Any person, firm, or corporation engaged, directly or indirectly, in
the mortgage lending business that has subscribed to and shown its ability
to conduct its business in such a manner that it meets in every respect
the "Canons of Ethics and Standards of Practice" of this Association,
and having a home office in the State of Georgia or any representative
within Georgia of a firm or corporation engaged, directly or indirectly,
in the mortgage lending business having its home office outside of Georgia
shall be eligible to apply to become a member of this Association in
the manner specified by these by-laws, except non-residents shall be
eligible for associate membership.
ARTICLE II, SECTION 1.B.
A separate but subsidiary company is not entitled to membership in nor
to the benefits of the Association by virtue of its parent company being
a member of the Association. A parent company is not entitled to membership
in nor to any benefits of the Association by virtue of its subsidiary
being a member of the Association. The Association encourages membership
applications from both the parent and the subsidiary corporation with
the Board of Governors determining approval of the application and the
proper membership category as provided in this article.
ARTICLE
II, SECTION I.C.
Each member shall, with the renewal of annual membership, submit to
the Association a copy of the annual registration required by the State
of Georgia licensing law.
ARTICLE
II, SECTION 2.
There shall be two classes of members in the Association, Regular Members
and Associate Members, and the qualifications for eligibility for membership
as a Regular or Associate member are as follows:
A.
Regular Members. Any firm or corporation, including its branch offices,
which are mortgage loan correspondents and servicers or originators
of mortgage loans shall be eligible to apply for membership in the
Association as Regular Members.
B.
Associate Members. Any person, firm or corporation which shall not
be eligible for Regular Membership but which shall consist of one
of the following shall be eligible to apply for membership in the
Association as an Associate Member.
1.
Life insurance companies, real estate investment trusts, public
or private investments funds, pension funds, and similar institutions
that invest a significant portion of their assets in first mortgage
loans on real estate.
2.
Title insurance companies and/or trusts and mortgage insurance companies.
3. Attorneys, appraisers, accounting organizations, architects,
engineers, or such other persons or firms that share a common interest
with the mortgage banking industry and that may be approved by the
Board of Governors.
ARTICLE
II, SECTION 3.
Applicants for membership shall furnish such information as shall be
required in the written application form prescribed by the Board of
Governors. All applicants for membership shall be filed in writing
with the Secretary of the Association who shall immediately refer them
to the Chairman of the Membership Committee for the investigation and
recommendation to the Board of Governors. All applications for any class
of membership shall include a subscription to the Canons of Ethics and
Standards of Practice.
ARTICLE
II, SECTION 4.
The Board of Governors at one of its regular meetings, shall have
the sole authority to determine the proper membership category of each
application for membership and to approve or reject each application
for membership. A majority of favorable votes of a quorum of the Board
of Governors shall be necessary to approve each application for membership.
Upon an application for membership being approved, notice of such approval
shall be sent by the secretary to the applicant together with a statement
of dues for the current fiscal year, the payment of which shall be held
as an agreement to be bound by the articles of incorporation, the by-laws
and the Canons of Ethics and Standards of Practice of the Association.
If the approved applicant shall fail to pay the required dues within
thirty (30) days following the dues notice, applicant's approval of
membership by the Board of Governors shall be void. Any application
for membership which is rejected or voided may not be resubmitted to
the Board of Governors for a period of six (6) months following the
date the application was rejected or voided.
ARTICLE
II, SECTION 5.
The membership of this association, Regular or Associate, is not transferable.
Any company whole ownership interest changes by sale or merger must
submit a new application giving details of the ownership and sales and/or
merger within a time specified by the Board of Governors, and submitting
any information required by the Board of Governors, on the management
of the successor firm. The Board of Governors, after investigation of
the successor firm by the membership committee, has the authority to
waive the application fee and/or endorsements on the successor company.
ARTICLE
II, SECTION 6.
Membership in the Association may be canceled for business practices
which do not comply with the Canons of Ethics and Standards of Practice
in accordance with the provisions in Article III.
ARTICLE
11, SECTION 7. Only Regular Members shall be entitled to voting
privileges and each Regular Member shall be entitled to one vote. The
voting delegate of each corporation or firm shall be designated in writing
to the secretary of the Association.
UMBRELLA
MEMBERSHIP: On 9-19-79, the Board of Governors reaffirmed its position
on umbrella (multi-company) membership according to by-laws Article
II, Section 1.B.
Mortgage
Bankers Association of Georgia
P.O. Box 801
Macon, GA 31202
478-743-8612
478-743-8278 (FAX)
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