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OMB Control No: 7100-0330	ICR Reference No: 202107-7100-002
Status: Historical Active	Previous ICR Reference No: 202011-7100-001
Agency/Subagency: FRS	Agency Tracking No: FR 4029
Title: Interagency Guidance on Managing Compliance and Reputation Risks for Reverse Mortgage Products
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR: No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/14/2021
	Date Received in OIRA: 09/14/2021
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2024	36 Months From Approved	09/30/2021
Responses	8	0	8
Time Burden (Hours)	96	0	96
Cost Burden (Dollars)	0	0	0

Abstract: Reverse mortgages are home-secured loans typically offered to elderly consumers. Financial institutions currently provide two types of reverse mortgage products: the lenders’ own proprietary reverse mortgage products and reverse mortgages insured by the Federal Housing Administration (FHA) within the U.S. Department of Housing and Urban Development (HUD). Reverse mortgage loans insured by the FHA are made pursuant to the guidelines and rules established by HUD’s Home Equity Conversion Mortgage (HECM) program. HECM loans and proprietary reverse mortgages are also subject to consumer financial protection laws and regulations (e.g., the regulations that implement laws such as the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA)). In August 2010, the Federal Financial Institutions Examination Council (FFIEC), on behalf of its member agencies, published a Federal Register notice adopting supervisory guidance titled “Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks.” The guidance is designed to assist financial institutions with risk management and efforts to ensure that their reverse mortgage lending practices adequately address consumer compliance and reputation risks. The reverse mortgage guidance discusses the reporting, recordkeeping, and disclosures required by federal laws and regulations and also discusses consumer disclosures that financial institutions typically provide as a standard business practice. Certain portions of the guidance are information collections subject to the Paperwork Reduction Act’s (PRA) requirements.

Authorizing Statute(s): US Code: 12 USC 248 Name of Law: Federal Reserve Act

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 9940	02/17/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 28350	05/26/2021
Did the Agency receive public comments on this ICR? No

Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Implementation of policies and procedures
Review and maintenance of policies and procedures

ICR Summary of Burden

	Total Approved	Previously Approved
Annual Number of Responses	8	8
Annual Time Burden (Hours)	96	96
Annual Cost Burden (Dollars)	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

Agency Contact: Jennifer Williams 202 452-2446 jennifer.l.williams@frb.gov

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