It's a very common saying.
But perhaps a little too black and white.
Better translations would be - Love is accepting.
Love accepts shortcomings and looks beyond them.
Love chooses to focus on the strengths.
Love sees the full potential.
Love is very patient and kind, never jealous or envious, never boastful or proud, never haughty or selfish or rude. Love does not demand its own way. It is not irritable or touchy. It does not hold grudges and will hardly even notice when others do it wrong. It is never glad about injustice, but rejoices whenever truth wins out. If you love someone you will be loyal to him no matter what the cost. You will always believe in him, always expect the best of him, and always stand your ground in defending him.
- 1 Corinthians 13:4-7