The National Reverse Mortgage Lenders Association has submitted a request for changes to Reverse Mortgage Examination Guidelines (RMEGs) set by the Conference of State Bank Supervisors.
Through comments to the CSBS submitted in late August, NRMLA asks that the exam guidelines be updated to reflect changes in regulation that have taken place since the guidelines were set in 2009.
The guidelines, while not required, set uniform exam guidelines for regulators to use in determining whether reverse mortgage entities are operating appropriately, according to NRMLA. Lenders may also use the guidelines internally to review their own reverse mortgage operations.
CSBS published the RMEGs jointly with the American Association of Residential Mortgage Regulators in December 2008 and has since invited NRMLA input and comment.
Written by Elizabeth Ecker