Reverse mortgage servicing examination procedures
Updated Oct. 31, 2016
This update publishes new examination procedures for reverse mortgage servicing.
These procedures provide guidance for examinations of reverse mortgage servicers. After completing the risk assessment and examination scoping, examiners should use these procedures, in conjunction with the compliance management system review procedures, to conduct a reverse mortgage servicing examination.
Depending on the scope, in conjunction with the compliance management system and consumer complaint response review procedures, each reverse mortgage servicing examination will include one or more of the following modules:
- Module 1 Servicing Transfers, Loan Ownership Transfers,
and Escrow Disclosures
- Module 2 Account Maintenance, Payments, and Disclosures
- Module 3 Consumer Inquiries, Complaints, and Error
- Module 4 Maintenance of Escrow Accounts or Set-Asides and
- Module 5 Information Sharing and Privacy
- Module 6 Events of Default and Death of Borrower
- Module 7 Foreclosures
- Module 8 Examiner Conclusions and Wrap-Up