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Federal forms, ICRs, and supporting documents

Information Collection Request

Interagency Guidance on Managing Compliance and Reputation Risks for Reverse Mortgage Products

ICR 201509-7100-001 · OMB 7100-0330 · Historical Active

Forms and Documents
DocumentTypeStatusAvailability
FR4029_20150928_omb.pdf Supporting Statement A Uploaded 2015-09-28 Available
IC Document Collections
IC IDCollectionTypeStatusForm
192773 Review and Maintenance of Policies and Procedures Other-Guidance Modified
192772 Implementation of Policies and Procedures Other-Guidance Modified
ICR Details
7100-0330 201509-7100-001
Historical Active 201505-7100-007
FRS FR 4029
Interagency Guidance on Managing Compliance and Reputation Risks for Reverse Mortgage Products
Extension without change of a currently approved collection   No
Delegated
Approved without change 09/28/2015
Retrieve Notice of Action (NOA) 09/28/2015
  Inventory as of this Action Requested Previously Approved
09/30/2018 36 Months From Approved 09/30/2015
34 0 34
816 0 816
0 0 0
Reverse mortgages are home-secured loans typically offered to elderly consumers. Financial institutions currently provide two types of reverse mortgage products: the lenders' own proprietary reverse mortgage products and reverse mortgages insured by the Department of Housing and Urban Development's Federal Housing Administration (FHA). Reverse mortgage loans insured by the FHA are made pursuant to the guidelines and rules established by HUD's Home Equity Conversion Mortgage (HECM) program. HECM loans and proprietary reverse mortgages are also subject to the rules that implement consumer protection laws such as the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA). In August 2010, the Federal Financial Institutions Examination Council (FFIEC), on behalf of its member agencies, published a Federal Register notice adopting supervisory guidance titled "Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks." The guidance is designed to help financial institutions with risk management and assist financial institutions' efforts to ensure that their reverse mortgage lending practices adequately address consumer compliance and reputation risks.
US Code: 5 USC 552(b)(4) Name of Law: Freedom of Information Act
   US Code: 5 USC 552(b)(8) Name of Law: Freedom of Information Act
   US Code: 12 USC 1381p-1(a) Name of Law: Federal Deposit Insurance Act
  
None
Not associated with rulemaking
  80 FR 35953 06/23/2015
80 FR 54790 09/11/2015
No
2
IC Title Form No. Form Name
Implementation of Policies and Procedures
Review and Maintenance of Policies and Procedures
  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 34 34 0 0 0 0
Annual Time Burden (Hours) 816 816 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
$0
No
No
No
No
No
Uncollected
Jennifer Williams 202 452-2446 [email protected]
  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.
09/28/2015