OCC Requests Comment on Reverse Mortgage

OCC Requests Comment on Reverse Mortgage

The Office of the Comptroller of the Currency is soliciting comments concerning the renewal of its information collection titled “Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks.”  Comments are due March 29.

First published in 2010, the Guidance focuses on the need for OCC-covered depository institutions to provide adequate information to consumers about reverse mortgage products, to provide qualified independent counseling to consumers considering these products, and to avoid potential conflicts of interest. The Guidance also addresses related policies, procedures, internal controls and third party risk management.

To get more information on submitting comments and the Guidance itself, visit the Federal Register notice.

Published by

Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.