Bank Regulator Hopes to Issue Reverse Mortgage Guidance Before Year End

The Office of Comptroller of the Currency (OCC) hopes to issue guidance by the end of the year to help banks manage the risk of originating reverse mortgages said Ann Jaed, Deputy Comptroller for Compliance Operations at the OCC during an interview with the National Reverse Mortgage Lenders Association.

Before becoming final, the guidance will be published in the Federal Register and the OCC will seek public comment.

During the interview, Jaed added that the OCC is working with other banking agencies to build a data source for the types of reverse mortgages banks are offering to consumers. 

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The data source will be derived from the call reports which banks are required to file with federal regulators.  According to a notice from the Office of Thrift Supervision (OTS) earlier this year, the agencies plan to collect reverse mortgage data on an annual basis beginning December 31, 2010.

According to the OTS, the agencies hope the data will provide the necessary information for policy development and the management of risk exposures posed by institutions’ involvement with reverse mortgages.

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  • I understand that YSP is going away at the beginning of 2010 including traditional loans. Banks such as WF, B of A etc will still get it but all brokers will be left with only origination unless they become a bank themselves. Does anyone have anymore info on this? If this is true and we go back to the $417,000 limit, RM's will be dead here in Califorina, only the big banks will be left to offer them.

  • I understand that YSP is going away at the beginning of 2010 including traditional loans. Banks such as WF, B of A etc will still get it but all brokers will be left with only origination unless they become a bank themselves. Does anyone have anymore info on this? If this is true and we go back to the $417,000 limit, RM’s will be dead here in Califorina, only the big banks will be left to offer them.

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