On August 16th, the federal banking regulatory agencies issued final guidance entitled, "Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks". Institutions are expected to use the guidance in their efforts to ensure that their risk management and consumer protection practices adequately address the compliance and reputation risks raised by reverse mortgage lending. The guidance is effective October 18, 2010. FFIEC Press Release; OCC Bulletin.
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Banking regulators provide guidance on reverse mortgage products
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