In order to best serve clients, Members must agree to and adopt the following Membership Standards:

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1 1. INTRODUCTION The Reverse Mortgage Counseling Association (RMCA) has created and adopted Membership Standards which all members and their reverse mortgage counselors are required to adopt and follow as part of their membership in RMCA. Members and their reverse mortgage counselors are expected to sign and abide by the Membership Standards and Code of Ethics of RMCA. 2. MISSION STATEMENT The mission of RMCA is to help reverse mortgage counselors improve the lives of seniors. The vision of RMCA is to be the premier counseling association for the reverse mortgage industry, providing a unified voice for the counseling community, the tools and resources for counseling providers, and a sustainable funding mechanism to support high quality counseling. Our research will prove the value and guide the evolution of reverse mortgage counseling. 3. STANDARDS In order to best serve clients, Members must agree to and adopt the following Membership Standards: Member Standard #1: Legal Status 1. The RMCA Member must be approved and in good standing with the IRS as a 501 (c)(3) non-profit organization. 2. The RMCA Member must be approved by and in good standing with HUD to provide reverse mortgage counseling services to consumers. Member Standard #2: Governing Board 1. The RMCA Member must maintain an independent board that is voluntary and comprised of at least 5 board members. 2. A majority (at least 51 percent) of the board members must represent the broad interests of the public. This includes public officials, community leaders, and persons having special knowledge or expertise in credit or financial education. No more than 49 percent of the board may be employees of the organization, creditors, or those who will benefit financially in any other way. 3. In addition, no family members related to any personnel employed by the RMCA Member may serve as a board member. Family members include, but are not limited to, parents, spouses, siblings, children, stepchildren and relatives-in-law.

2 Member Standard #3: Insurance and Bonding 1. The RMCA Member must carry, and be current with, the appropriate Directors & Officers (D&O) coverage, with limits that meet the local state requirements in which the company is licensed to do business. 2. The RMCA Member must carry, and be current with, the appropriate Errors & Omissions (E&O) coverage, with limits that meet the local state requirements in which the company is licensed to do business. 3. The RMCA Member must carry, and be current with, the appropriate Fidelity (Employee Dishonesty) coverage, to include all employees with any access to company and/or client funds, and with limits that meet the local state requirements in which the company is licensed to do business. 4. The RMCA Member must add RMCA to their certificate of insurance and/or bonding policies, for the sole purpose of receiving notice from the insuring company of any lapse in coverage. Member Standard #4: Accreditation 1. The RMCA Member shall be accredited by an approved third party that is recognized by RMCA. Currently, RMCA recognizes the Council on Accreditation for Children and Family Services, Inc. (COA) and Bureau Veritas Certification North America, Inc. (ISO). Member Standard #5: Counselor Availability 1. The RMCA Member shall make sure that all reverse mortgage counselors within their company shall provide reverse mortgage counseling services within 72 hours. 2. The RMCA Member shall make every effort to ensure that all available reverse mortgage counselors within their company offer reverse mortgage counseling services on demand, either by telephone or face-to-face, if a prospective or existing client is ready to participate in such a reverse mortgage counseling session. 3. The RMCA Member shall ensure that all reverse mortgage counselors within their company serve all prospective and existing clients equally who seek reverse mortgage counseling assistance. Any form of discrimination to a prospective and/or existing client on the basis of race, ethnicity, national origin, sex, sexual orientation, age, marital status, financial status, political belief, religion, or mental or physical disability shall not be permitted.

3 Member Standard #6: Reverse Mortgage Counselors 1. The RMCA Member shall conduct a state and/or county criminal background check on all reverse mortgage counselors, prior to employing reverse mortgage counselors. 2. The RMCA Member shall ensure that all newly hired and existing reverse mortgage counselors within their company are properly educated, trained and qualified per HUD guidelines, to ensure that they are competent to perform reverse mortgage counseling services, duties and that such services are delivered to prospective and existing clients in a professional manner. 3. The RMCA Member shall ensure that all newly hired and existing reverse mortgage counselors within their company have completed and passed a counselor certification course that is recognized by RMCA, prior to performing their reverse mortgage counseling duties. Currently, RMCA recognizes NeighborWorks America and AARP Foundation's HECM Certification. Members will need to maintain certifications for all reverse mortgage counselors. 4. The RMCA Member shall ensure that all reverse mortgage counselors within their company provide only reverse mortgage counseling services based on their education, training and certification, to prospective and existing clients. Reverse mortgage counselors shall not act, promote or represent that they are a Certified Financial Planner (CFP), Certified Public Accountant (CPA) or other financial designation, unless they hold those titles. 5. The RMCA Member shall ensure that all reverse mortgage counselors within their company refrain from giving legal, tax, and/or accounting advice to a prospective or existing client during a reverse mortgage counseling session and/or meeting, unless licensed to do so. 6. The RMCA Member shall ensure that, for all reverse mortgage counselors within their company, compensation is not based on the outcome of a reverse mortgage counseling session with a prospective and/or existing client. Member Standard #7: Reverse Mortgage Counseling 1. The RMCA Member shall ensure that all reverse mortgage counselors within their company provide high quality, personalized reverse mortgage education and counseling services to every prospective and existing client who seeks assistance. Each client should receive an individualized written assessment of the client s financial situation, to identify the client s best alternatives that match their needs and preferences. 2. The RMCA Member shall ensure that all reverse mortgage counselors within their company follow, and adhere to, all HUD counseling protocols, policies, guidelines and mortgagee letters when conducting reverse mortgage counseling with a prospective and/or existing client. 3. The RMCA Member shall ensure that all reverse mortgage counselors within their company provide each prospective and existing client with tools, resources, information

4 and specific facts pertaining to their reverse mortgage counseling session, so that the client can make an informed decision based on their needs and preferences. 4. The RMCA Member ensure that all reverse mortgage counselors within their company encourage prospective and existing clients to seek the participation of family and/or professional advisors when making decisions that may affect their financial lives. Member Standard #8: Continuing Education 1. The RMCA Member shall ensure that all reverse mortgage counselors within their company receive ongoing reverse mortgage counseling education and training. Such education and training shall help all reverse mortgage counselors improve their reverse mortgage counseling skills and knowledge of HUD protocols, including procedures, policies & guidelines and HUD mortgagee letters. Member Standard #9: Advertising 1. The RMCA Member shall not engage in deceptive or false advertising, or provide misleading information, about their organization and/or services provided to the public and/or a prospective or existing client. 2. The RMCA Member must have the ability to prove any and all stated claims made within an advertisement, including services, certificates, memberships etc. Member Standard #10: Reverse Mortgage Counseling Fees 1. The RMCA Member shall adhere to and adopt all reverse mortgage counseling fee structures as set forth by HUD in their counseling regulations, counseling protocols, procedures, policies, guidelines and mortgagee letters. 2. The RMCA Member shall ensure that all reverse mortgage counselors within their company shall equally serve all prospective and existing clients who seek reverse mortgage counseling service assistance, regardless of their ability to pay for such reverse mortgage counseling services. Member Standard #11: Reporting 1. The RMCA Member must submit form HUD-9902 quarterly, accurately and in a timely manner, to reflect main-office and branch location activities, if applicable, in the target areas described in its latest housing counseling plan. This must be carried out regardless of whether or not a HUD Housing Counseling Grant was received. [Note: Each RMCA Member that is participating in HUD s Housing Counseling Program will be required to use a Client Management System (CMS) that interfaces with HUD's Client Activity Reporting System (CARS) data base in order to directly report agency and client data.]

5 Member Standard #12: Compliance with Counseling Laws 1. The RMCA Member is fully responsible for understanding and adhering to all federal, state, and local laws pertaining to the operation and services provided by the organization. 2. The RMCA Member shall obtain and maintain all required licensing, insurance and bonding as required by each law for the state in which a Member provides services. Member Standard #13: Consumer Complaints 1. The RMCA Member shall establish and implement a written procedure for a formal method of resolving, in a timely manner, all complaints and grievances submitted by consumers or businesses, as well as prospective and existing clients. 2. The RMCA Member shall document and file all complaints and grievances filed, as well as the final resolution of each such compliant or grievance. Documents can be filed electronically, if needed. Member Standard #14: Fiscal Integrity 1. The RMCA Member shall put into place sufficient controls, procedures and policies to protecting their assets and client funds from internal and/or external fraud, misrepresentation, or misallocation.