Reverse Mortgage Products-Guidance for Managing Compliance and Reputation Risks

ICR 201008-1550-003

OMB: 1550-0130

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2010-08-18
ICR Details
1550-0130 201008-1550-003
Historical Active
TREAS/OTS
Reverse Mortgage Products-Guidance for Managing Compliance and Reputation Risks
New collection (Request for a new OMB Control Number)   No
Regular
Approved without change 10/15/2010
Retrieve Notice of Action (NOA) 08/18/2010
  Inventory as of this Action Requested Previously Approved
10/31/2013 36 Months From Approved
960 0 0
960 0 0
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: Law National Bank Act
  
None

Not associated with rulemaking

  74 FR 66652 12/16/2009
75 FR 50801 08/17/2010
No

2
IC Title Form No. Form Name
Policy, Procedures and Training
Annual Maintence

  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 960 0 0 960 0 0
Annual Time Burden (Hours) 960 0 0 960 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
The OTS is citing an increase in the inventory burden due to the fact that this is a new collection. The proposed guidance describes the general features of, legal provisions applicable to, and consumer protection concerns raised by reverse mortgage products. In addition, the guidance focuses 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. The proposed guidance also addresses related policies, procedures, and internal controls and third party risk management.

No
No
No
No
No
Uncollected
David Adkins 202 906-6716 [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.
08/18/2010


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