Sept/Oct 2021 Reverse Mortgage Magazine

servicers. But the corporate governance aspects would apply and include that a company have a board of directors, an internal and external audit function and a risk management program. One Company One Exam Part of the CSBS strategic plan also calls for streamlining processes through an initiative it is calling One Company One Exam (OCOE). The goal is to have one exam, rather than multiple exams for companies that do business in multiple states. The CSBS has been moving in that direction with a pilot program, and the processes and technology are in place to ramp up quickly. By July, Cross reports, all states were participating in the OCOE pilot. “We think this reduces the burden not only on regulators, but it reduces the burden dramatically on the industry,” he says. Irwin agrees. “We are delighted to hear that CSBS is moving toward a single exam format rather than having multiple state exams,” he says. “This is a more efficient pro- cess that reduces burdens on NRMLA members.” Exams and investigations are on the new State Exam- ination System (SES) platform with functions ranging from scheduling to exam close-out. For consumer com- plaints, it facilitates all complaint interactions between the agency and a company, although it does not yet have consumer-facing functionality, Cross says. Cross says all of these initiatives are enveloped in a new approach to supervision by the state system called Networked Supervision. Through information sharing and standardized processes, and leveraging data and technology, a networked approach across both state and federal regulators is focused on a more effective and efficient supervisory experience for both regulators and the industry, he says. Irwin says that NRMLA will continue to be involved in education efforts along with CSBS to get out the word, such as with the presentation in April. “For many years, NRMLA has served as an educational resource for state- level examiners who are actively involved in the Conference of State Bank Supervisors,” he says. “This includes speaking at in-person conferences and conducting webinars on the mechanics of reverse mortgages, meeting in-person with the team at CSBS and providing regulatory updates on important programmatic changes implemented by HUD. We look forward to continuing our engagement with CSBS in the years to come.” WHAT DOESMY BORROWER QUALIFY FOR? HOWMUCHMONEY DO I MAKE IN TRANSACTION? HOWDO I GET THE LOAN INTO PROCESS? 1 2 3 REVERSE MORTGAGE / SEPTEMBER-OCTOBER 2021 25