ethics: navigating a moral compass · 2019-07-11 · ethics: navigating a moral compass author:...
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Ethics: Navigating a Moral Compass
July 2019
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Ethics
:Outline
– Define ethics
– Discuss the importance of and differences between acting ethically, legally
and prudently
– Develop tools to assist in making ethical decisions
– Apply those tools to an examination of ethical lapses in the mortgage
industry over the past few years
– Help each person develop a personal code of ethics to use in mortgage
lending
2Ethics: Navigating a Moral Compass
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What Does “Ethics” Mean?
– Define what “ethics” means to you
–Write a 25 word (or less) statement below
3Ethics: Navigating a Moral Compass
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Ethics is a code of values which guide“
our choices and actions and determine
”.the purpose and course of our lives
- Ayn Rand
4Ethics: Navigating a Moral Compass
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?Are your ethics based on actions or consequences
– Actions:
• The action dictates if something is ethical
– Consequences:
• The common good dictates if something is ethical
Charting Your Ethical Map
5Ethics: Navigating a Moral Compass
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Charting Your Ethical Map
6Ethics: Navigating a Moral Compass
Reasoning vs Rationalization
– Reasoning:
• Running facts through an ethical decision making process to arrive at a course of action
– Rationalization:
• Finding reasons to support a course of action that was already decided
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7Ethics: Navigating a Moral Compass
Map of Ethical Decision Making
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Charting Your Ethical Map
8Ethics: Navigating a Moral Compass
There’s more to life than ethics
– Decisions must be:
• Ethical
• Legal
• Prudent
– This class only deals with ethical considerations
– Remember to consider legality and prudence in all decisions
– The best course of action is that which is legal, prudent, and ethical
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Charting Your Ethical Map
9Ethics: Navigating a Moral Compass
Ethical Lapses and the Role of Desensitization
– Three Big Transgressions:
• Deceive
• Steal
• Harm
– Were there examples of these in mortgage lending over the past few
years?
– Did desensitization play a role in allowing this to happen?
• “If I don’t do it, the LO down the street will.”
• “As long as the lender allows it, it must be okay.”
• “It will be fine as long as property values keep increasing.”
– Can you think of any specific instances over the past few years in which
desensitization allowed you to do something you regret?
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• Professionalism
• Integrity and Confidentiality
• Public Trust
• Fiduciary Responsibility
• Disclosure
• Conflict of Interest
Developing Positive Ethical Standards
10Ethics: Navigating a Moral Compass
• Legal Compliance
• Non-Discrimination
• Honesty in Advertising
• Sanctity of Agreements
• Competition
• Other
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Developing Positive Ethical Standards
11Ethics: Navigating a Moral Compass
Professionalism
– Conforming to the standards of a profession
– Having or showing great skill; expert
Source: Dictionary.com
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Developing Positive Ethical Standards
12Ethics: Navigating a Moral Compass
Integrity and Confidentiality
– Integrity
• Adherence to moral and ethical principles; soundness of moral character; honesty
– Confidentiality
• Spoken, written, acted on, etc. in strict privacy or secrecy; secret
• Having another’s trust or confidence; entrusted with secrets or private affairs
Source: Dictionary.com
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Developing Positive Ethical Standards
13Ethics: Navigating a Moral Compass
Public Trust
– Trust
• Reliance on the integrity, strength, ability, surety, etc. of a person or thing; confidence
Source: Dictionary.com
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Developing Positive Ethical Standards
14Ethics: Navigating a Moral Compass
Source: dictionary.law.com
Fiduciary Responsibility
– One person places complete confidence in another in regard to a particular
transaction or one’s general affairs or business
– …can be one of moral or personal responsibility due to the superior knowledge
and training of the fiduciary as compared to the one whose affairs the fiduciary is
handling
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Developing Positive Ethical Standards
15Ethics: Navigating a Moral Compass
Disclosure
– The act or an instance of disclosing; exposure; revelation
– The need in business transactions to tell the “whole truth” about any matter
which the other party should know in deciding to buy or contract
Source: Dictionary.com
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Developing Positive Ethical Standards
16Ethics: Navigating a Moral Compass
Conflict of Interest
– A situation in which a person has a duty to more than one person or
organization, and cannot do justice to the actual or potentially adverse interest of
both parties
– This includes when an individual’s personal interests or concerns are
inconsistent with what is best for a customer
– Many professionals must avoid even the appearance of conflict
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Developing Positive Ethical Standards
17Ethics: Navigating a Moral Compass
Legal Compliance
– Legal compliance is doing (or not doing) something (i.e. acting) in accordance
with the law and rules and regulations of the law which covers the particular
activity
Source: Dictionary.com
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Developing Positive Ethical Standards
18Ethics: Navigating a Moral Compass
Non-Discrimination
– Discrimination:
• Treatment or consideration of, or making a distinction in favor of or against, a person or
thing based on the group, class, or category to which that person or thing belongs rather
than on individual merit
Source: Dictionary.com
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Developing Positive Ethical Standards
19Ethics: Navigating a Moral Compass
Honesty in Advertising
– Honest:
• Marked by or displaying integrity; upright: an honest lawyer
• Not deceptive or fraudulent; genuine: honest weight
• Equitable; fair: honest wages for an honest day’s work
– Advertising:
• The activity of attracting public attention to a product or business, as by paid
announcements in the print, broadcast, or electronic media
Source: Dictionary.com
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Developing Positive Ethical Standards
20Ethics: Navigating a Moral Compass
Sanctity of Agreements
– Sacred:
• Hence, not to be profaned or violated; inviolable
– Agreement:
• A binding arrangement between two or more parties
Source: Dictionary.com
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Developing Positive Ethical Standards
21Ethics: Navigating a Moral Compass
Competition
– Rivalry between two or more businesses striving for the same customer or
market
Source: Dictionary.com
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22Ethics: Navigating a Moral Compass
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23Ethics: Navigating a Moral Compass
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Genworth Underwriting Guidelines
Ethics: Navigating a Moral Compass
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Genworth Rate Express®
Ethics: Navigating a Moral Compass
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LOS Connections
Ethics: Navigating a Moral Compass
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Training Tools and Information
Ethics: Navigating a Moral Compass
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Training Tools and Information
28Ethics: Navigating a Moral Compass
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Additional MI Site Information
Ethics: Navigating a Moral Compass
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➢ ActionCenter®: 800 444.5664
➢ Your Local Genworth
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➢ Your Genworth Sales
Representative
Your Genworth Resources
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31
GENWORTH RESOURCES
ActionCenter®: 800 444.5664
Your Local Genworth Underwriting Manager
Your Genworth Account Executive or Manager
Ethics: Navigating a Moral Compass
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32Ethics: Navigating a Moral Compass