Financial Regulators Propose Guidance on Reverse Mortgage Products

by Sabrina I. Pacifici on December 17, 2009

News release: “The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, released proposed guidance today on reverse mortgage products. The guidance is designed to help financial institutions ensure that their risk management and consumer protection practices adequately address the compliance and reputation risks raised by reverse mortgage lending. The proposed guidance addresses the general features of reverse mortgage products, relevant legal requirements and consumer protection concerns raised by reverse mortgages. The proposed guidance focuses on the need for banks, thrifts and credit unions to provide clear and balanced information to consumers about the risks and benefits of these products.”

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