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First Community Mortgage, a subsidiary of First Community Bank of Tennessee that’s been expanding its national footprint, has been recognized for its ethical practices by the International Association of Better Business Bureaus.
First Community Mortgage is one of five recipients of the 2022 Better Business Bureau International Torch Award for Ethics, which honors companies based in North America that “demonstrate best practices, leadership, social responsibility and high standards of organizational ethics that benefit everyone across the community.”
The International Association of Better Business Bureaus (IABBB) is the umbrella organization for the local, independent BBBs in the United States, Canada and Mexico.
“The International Torch Awards for Ethics is one of the most important programs we do each year,” said IABBB President and CEO Kip Morse in a statement. “BBB sets standards to make trust a fundamental component of the American marketplace, but these businesses are out there every day making it happen.”
Based in Murfreesboro, Tennessee, First Community Mortgage announced a major expansion of its retail business in the Midwest in October. The retail and wholesale mortgage lender has also been recognized for its efforts to reach a diverse population of borrowers including Spanish-speaking homebuyers.
The company has “taken great care to establish and communicate the core values of the organization, underscoring that they are never compromised by anyone,” First Community Mortgage co-founder and CEO Keith Canter said in a statement.
First Community Mortgage was the winner of the 2021 Better Business Bureau’s Torch Award for Ethics in the Middle Tennessee and Southern Kentucky region’s Extra-large Business Category, setting the stage for its BBB International Torch Award in Category 3, for companies with 100-499 employees.
The other 2022 International Torch Awards for Ethics winners to be honored at a virtual ceremony on Nov. 30 are:
- Greater Prairie Business Consulting Inc. (Irving, Texas)
- Cross Pointe Auto (Amarillo, Texas)
- The Dan Company (Nashville, Tennessee)
- Credit Union of Texas (Allen, Texas)
As mortgage lenders embrace technology to automate processes and cut costs, a recent J.D. Power survey suggests they risk losing opportunities to be seen as trusted advisers as the customer experience becomes increasingly commoditized.
The J.D. Power 2022 U.S. Mortgage Origination Satisfaction Study found just 28 percent of lenders are meeting all of the key criteria the consumer research firm identified as required to be seen as a trusted adviser.