Ark Mortgage, Inc. is a mortgage bank that provides first- and second-mortgages to homebuyers on residential properties located in New York and New Jersey.
As such, we advise on, and participate in, what is for many people, the most important financial decision they will ever make for themselves and for their families. We fully understand the level of trust required of us and appreciate the crucially important responsibility we take on when we serve our clients.
We also recognize that we are part of local, national and world communities and, while we may not be a large conglomerate, we are committed to utilizing our resources and abilities to maximize the positive impact we can have on those communities.
In furtherance of those values Ark Mortgage has adopted, (and as appropriate, will update), this Statement of Corporate Social Responsibility, which focuses on the following main areas of our efforts:
- Corporate Governance – Ethics-Driven Conduct
- Business Mission – Promoting Responsible Homeownership
- The Environment – Green Initiatives
- Our Community – Diversity, Charity & Volunteerism
Corporate Governance:
If financial expertise is the life-blood of a mortgage company, ethics must be its soul.
Like all mortgage banks, Ark is subject to veritable alphabet soup of Federal and State regulations – from the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) through the Home Mortgage Disclosure Act (HMDA) and the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) – to name just a few. What they all have in common is they are all designed to ensure ethical treatment of the public by lenders.
But beyond that, Ark dedicates resources aimed at fostering a culture of compliance – which means more than just observing the letter of the law. It is a commitment to the highest standards of ethical behavior in which potential conflicts of interest are identified and, where they cannot be avoided, are resolved in favor of our clients and potential clients.
Business Mission:
Ark’s approach to ethics dovetails perfectly with its Business Mission. While our business is that of a mortgage lender, our mission is to promote Responsible Homeownership.
Homeownership has long been considered one of the hallmarks of the American Dream. When a home is responsibly purchased, financed and maintained, the benefits of homeownership are long-lasting and profound. Ark Mortgage believes that Mortgage Lenders, (as well as Real Estate Agents and homebuyers) all play critical roles in enabling responsible home purchasing, responsible home financing, and ultimately Responsible Homeownership.
Our approach to lending is designed to help homebuyers make choices that lead to Responsible Homeownership. We aim to thoroughly understand our clients’ current and future needs, aspirations and resources. Then we help them create a homebuyer’s budget (also known as a MAP or Maximum Affordable Payment) designed to make homeownership comfortably affordable in the short-term and in the long-term.
The Environment:
Ark Mortgage is a local, non-industrial company and as such, has a relatively small carbon footprint. Nonetheless, we believe in doing what we can, wherever and whenever we can, to do our part when it comes to our shared environment.
Our commitment to green initiatives is reflected in our company-wide recycling effort and our move to a paper-free environment, which includes the implementation NOAH – Ark’s digital app. With NOAH, the entire mortgage application process can be completed online. Thus, NOAH not only saves paper, it saves on the fuel that would otherwise be used by applicants to fill out forms at our offices, (or by our loan officers to bring forms to applicants).
An energy audit is scheduled to ensure we become aware of any additional steps we can take to further reduce our already-small carbon footprint.
Our Community:
At Ark Mortgage, our goal is to hire and train a diverse local workforce. Our motto is “Hire for Attitude, Train for Experience.” We participate in college job fairs as well as those sponsored by organizations who serve indigent populations and have hired directly from local high schools.
Our special loan program, (“CARE”) offers savings on closing costs to borrowers who are represented by Real Estate Agents who share our commitment to foster Responsible Homeownership.
Another special loan program (“AAMP”) offers savings on closing costs to employees and members of local organizations who participate in the program. Additionally, closed loans under our AAMP program generate charitable donations by Ark in the name of the participant-organization. We also offer free mortgage and financial literacy educational programs to employees and members of AAMP participant-organizations.
We are currently in the planning stages of co-sponsoring fundraising events with AAMP participant-organizations and, in the near future, we expect to announce an initiative that focuses Ark, appropriately enough, on flood relief.