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Federal forms, ICRs, and supporting documents

Information Collection Request

Reverse Mortgage Products - Guidance for Managing Reputation Risks

ICR 201108-1557-020 · OMB 1557-0246 · Historical Active

Forms and Documents
DocumentTypeStatusAvailability
1557-0246.forNonsub.change.doc Justification for No Material/Nonsubstantive Change Uploaded 2011-08-24 Available
IC Document Collections
IC IDCollectionTypeStatusForm
192202 Program Maintenance Other-null Modified
192201 Development of Policies and Procedures; and Training Other-null Modified
ICR Details
1557-0246 201108-1557-020
Historical Active 201003-1557-002
TREAS/OCC
Reverse Mortgage Products - Guidance for Managing Reputation Risks
No material or nonsubstantive change to a currently approved collection   No
Regular
Approved without change 09/08/2011
Retrieve Notice of Action (NOA) 09/07/2011
  Inventory as of this Action Requested Previously Approved
10/31/2013 10/31/2013 10/31/2013
1,114 0 154
4,656 0 3,696
0 0 0
The guidance will assist institutions in managing the compliance and reputation risks associated with reverse mortgages. It will ensure that their risk management and consumer protection practices adequately address the compliance and reputation risks raised by reverse mortgage lending.
US Code: 12 USC 1 et seq. Name of Law: National Bank Act
  
PL: Pub.L. 111 - 203 124 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Not associated with rulemaking
  74 FR 66652 12/16/2009
75 FR 50801 08/17/2010
No
2
IC Title Form No. Form Name
Program Maintenance
Development of Policies and Procedures; and Training
  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 1,114 154 960 0 0 0
Annual Time Burden (Hours) 4,656 3,696 960 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The increase in burden is due to the integration of the OTS with the OCC. The additional respondents are entities formerly regulated by the OTS. Reverse mortgages are home-secured loans typically offered to elderly consumers. Institutions regulated by Federal Financial Institutions Examination Council members offer two types of reverse mortgage products: the lenders' own proprietary reverse mortgage products and reverse mortgages offered under the Home Equity Conversion Mortgage (HECM) program. Both HECMs and proprietary products are subject to various laws governing mortgage lending including the Truth in Lending Act, the Real Estate Settlement Procedures Act, the Federal Trade Commission Act, and the fair lending laws. HECMs are also subject to an extensive regulatory regime established by HUD, including provisions for FHA insurance of HECM loans that protect both lenders and reverse mortgage borrowers.
No
No
No
Yes
No
Uncollected
Nancy Worth 2028745750
  No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
09/07/2011