Reverse Mortgage Products

ICR 202003-3064-012

OMB: 3064-0176

Federal Form Document

Forms and Documents
IC Document Collections
IC ID
Document
Title
Status
224715
Modified
191953
Modified
ICR Details
3064-0176 202003-3064-012
Active 201609-3064-007
FDIC
Reverse Mortgage Products
Extension without change of a currently approved collection   No
Regular
Approved without change 07/24/2020
Retrieve Notice of Action (NOA) 06/23/2020
  Inventory as of this Action Requested Previously Approved
07/31/2023 36 Months From Approved 07/31/2020
31 0 27
280 0 248
0 0 0

On December 16, 2009, the OCC, FDIC, FRB and NCUA sought comment on the guidance, and they issued it in final form on August 17, 2010. The guidance focused on the need 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. It also addressed related policies, procedures, internal controls, and third party risk management. Prior to the effective date of the final guidance, the Agencies obtained PRA approval from OMB for the information collection requirements contained therein. These information collection requirements included implementation of policies and procedures, training, and program maintenance. The requirements are outlined below: • Institutions offering reverse mortgages should have written policies and procedures that prohibit the practice of directing a consumer to a particular counseling agency or contacting a counselor on the consumer's behalf. • Policies should be clear so that originators do not have an inappropriate incentive to sell other products that appear linked to the granting of a mortgage. • Legal and compliance reviews should include oversight of compensation programs so that lending personnel are not improperly encouraged to direct consumers to particular products. • Training should be designed so that relevant lending personnel are able to convey information to consumers about product terms and risks in a timely, accurate, and balanced manner.

US Code: 12 USC 1828(o) Name of Law: Federal Deposit Insurance Act
  
None

Not associated with rulemaking

  85 FR 20688 04/14/2020
85 FR 37656 06/23/2020
No

2
IC Title Form No. Form Name
Reverse Mortgage Products - Ongoing
Reverse Mortgage Products - Implementation

  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 31 27 0 0 4 0
Annual Time Burden (Hours) 280 248 0 0 32 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
    No
    No
No
No
No
No
Manuel Cabeza 202 898-3781 mcabeza@fdic.gov

  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.
06/23/2020


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