NRMLA this week submitted comments to the Conference of State Bank Supervisors proposing amendments to the Reverse Mortgage Examination Guidelines to bring them into conformance with regulatory changes that have been implemented since they were last updated in 2009.
CSBS, which jointly published the RMEGs with the American Association of Residential Mortgage Regulators (AARMR) in December 2008, invited NRMLA’s input and comments following a meeting with Vice President Chuck Cross in December.
The Risk and Compliance Committee, along with NRMLA’s General Counsel Jim Milano, have spent the past several months reviewing the RMEGs and identifying sections that needed updating.
While the RMEGs are not required standards, they do provide a uniform set of examination guidelines that regulators can use to determine whether entities in the reverse mortgage industry are operating in an appropriate manner. The RMEGs also can be used by lenders in their internal review of their reverse mortgage operations.