What is the role of the BBB in the reverse mortgage space?
The Better Business Bureau (BBB) is an organization that is known and highly respected by consumers as a trusted and ethical organization that rates companies based upon consumer reviews and testimonies. The Better Business Bureau has long been considered a valuable resource for any consumer looking to do business with a reverse mortgage lender and/or a reverse mortgage broker. Their A thru F rating system is well known to consumers and offers a certain peace of mind when selecting a lender or broker.
An ethical marketplace where buyers and sellers can trust each other.
BBB’s mission is to be the leader in advancing marketplace trust. BBB accomplishes this mission by:
- Creating a community of trustworthy businesses
- Setting standards for marketplace trust
- Encouraging and supporting best practices
- Celebrating marketplace role models, and;
- Denouncing substandard marketplace behavior
BBB sees trust as a function of two primary factors – integrity and performance. Integrity includes respect, ethics and intent. Performance speaks to a business’s track record of delivering results in accordance with BBB standards and/or addressing customer concerns in a timely, satisfactory manner.
BBB ensures that high standards for trust are set and maintained. We exist so consumers and businesses alike have an unbiased source to guide them on matters of trust. We provide educational information and expert advice that is free of charge and easily accessible.
BBB Accreditation is an honor – and not every business is eligible. Businesses that meet our high standards are invited to seek BBB accreditation. Businesses deemed to meet Accreditation Standards are presented to the BBB’s Board (or designees) for review and acceptance as a BBB Accredited Business.
All BBB accredited businesses have agreed to live up to our Standards for Trust, a comprehensive set of best practices for how businesses should treat the public in a fair and honest manner.
BBB does not compare businesses against each other but rather evaluates businesses against our standards – and our standards clearly speak to the character and competence of an organization.
BBB is the resource to turn to for objective, unbiased information on businesses. Our network of BBBs allows us to monitor and take action on thousands of business issues affecting consumers at any given time.
BBB is your key adviser, most reliable evaluator and most objective expert on the topic of trust in the marketplace.
To accomplish our mission, we commit to the following values to guide all of our decisions and behavior, with each other and with all those we serve:
Strive to do our very best. Be accountable to the general public, our members, and to each other for everything we do. Commit to providing the highest quality service with excellence and consistency everywhere we operate.
Be honest and ethical in all of our business activities. Treat everyone with integrity, keeping our promises and learning from our mistakes. Have the courage to hold fast to our professional convictions.
Communicate, cooperate and collaborate freely across organizational and territorial boundaries, and work as one team to fulfill our mission.
Trust in our colleagues throughout the BBB system and in ourselves. Say what we mean and mean what we say. Communicate with honesty and candor.
Treat everyone with respect and dignity, valuing individual and cultural differences. People are our fundamental asset. We will empower them to develop and use their talents and capabilities to the fullest.