Valley and its subsidiaries are committed to treating customers, applicants and communities in a fair, forthright and respectful manner and in compliance with all applicable laws and regulations. In keeping with this commitment, the Board of Directors mandates that it is the duty of every Valley employee and director to know and meet the ethical and compliance-related requirements of his or her job.
Valley offers its products and services, including loans, to all qualified applicants on a consistent and fair basis without discrimination on the basis of ethnicity, race, color, religion, national origin, sex, marital status, age (provided the applicant or customer has the legal capacity to enter into a legal contract), disability or any other prohibited basis under federal or state laws or regulations.
In our effort to meet the needs of our service areas, we pledge to offer products and services including loans, in a safe and sound manner that is consistent with the bank's goal of protecting the interests of depositors and shareholders.
Valley respects the rights of all applicants who will receive fair treatment through the entire account process on such things as:
  • Equal information and services
  • Active encouragement to submit and complete an application,
  • Consistent standards in the decision process,
  • Consistent terms,
  • Consistent standards to evaluate loan collateral,
  • Consistent treatment in account servicing.
Valley's commitment to fair treatment is communicated to all employees and directors and enforced through comprehensive ethics and Fair Lending training and compliance programs.
Valley through product design, pricing, marketing efforts, borrower education, underwriting policy, loan administration and loss mitigation has a history of granting home loans that support stable home ownership with minimal default experience.
The bank has followed the public discussion of “Predatory Lending” issues among legislators, regulators, and housing policy and public advocacy groups. The bank has ensured that no definition of “predatory lending” has described any policy, practice or loan terms employed by the bank in its Residential Loan or Home Equity Lending activities.
It is the philosophy and policy of the bank to seek out credit worthy borrowers and offer competitive products and a high level of service to those customers. This philosophy views a defaulted loan as a failure in the bank's goal to promote home ownership, growth of personal wealth and economic stability in the communities the bank serves.
When reasonable efforts to assist defaulted borrowers fail, the bank will take appropriate steps to preserve its collateral, defend its lien, and collect the debt. Collection through collateral liquidation is pursued only as the last resort.