Reverse Mortgage Products

Forms and Documents

Document Name	Status
2010-20286.pdf Supplementary Document	2010-08-17
SPST_Reverse_Mortgages.DOC Supporting Statement A	2010-07-27
Proposed Mortgage Guidance.pdf Supplementary Document	2010-03-31

IC Document Collections

IC ID	Document Title	Status
191953	Reverse Mortgage Products Other-Supervisory Guidance	New

ICR Details

OMB Control No: 3064-0176	ICR Reference No: 201002-3064-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: FDIC	Agency Tracking No:
Title: Reverse Mortgage Products
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/15/2010
	Date Received in OIRA: 08/17/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2013	36 Months From Approved
Responses	48	0	0
Time Burden (Hours)	2,304	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Federal Financial Institutions Council (FFIEC), on behalf of member Federal financial institution regulatory agencies, issued a proposed guidance document, entitled Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks, in December 2009. When finalized, it will be issued by the agencies as supervisory guidance to their respective regulated entities. The guidance incorporates existing consumer protection and other legal requirements already covered by approved information collections as well as usual and customary business practices. However, the guidance does recommend new information collections that are not covered by already approved collections of information.

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Authorizing Statute(s): US Code: 12 USC 1828(o) Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 1819(a) Name of Law: Federal Deposit Insurance Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 66652	12/16/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 50804	08/17/2010
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Reverse Mortgage Products

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ICR Summary of Burden

	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	48	0	0	48	0	0
Annual Time Burden (Hours)	2,304	0	0	2,304	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The banking agencies expect a significant expansion in reverse mortgages in coming years because of increases in the elderly population in the United States and the number of homeowners eligible for such mortgages. However, reverse mortgages are complex loan products that, although beneficial when used appropriately, have the potential to present substantial risks to both consumers and institutions. The Reverse Mortgage Guidance addresses consumer protection concerns that raise compliance and reputation risks and sets forth supervisory expectations as to how institutions should manage those risks.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 08/17/2010

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