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                                           FFIEC Issues Proposed Guidance on
                                                  Reverse Mortgage Products

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Overview

On December 17, 2009, the Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, released proposed guidance (dated December 11, 2009) on reverse mortgage products. The purpose of the issuance is to propose procedures to address the compliance and reputation risks raised by reverse mortgage lending.

The proposed guidance describes the general features of reverse mortgage products, relevant legal requirements, and consumer protection concerns raised by reverse mortgages.

Comments are to be received 60 days from publication in the Federal Register.


Highlights

  • Communications with Consumers
  • Qualified Independent Counseling
  • Avoidance of Potential Conflicts
  • Policies, Procedures, and Internal Controls
  • Third-Party Risk Management

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Reverse Mortgage Products:
Guidance for Managing
Compliance and Reputation Risk
(FFIEC Docket 2009-0001 -12/11/09)
 
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