”Other Real Estate Owned” booklet of the Comptroller’s Handbook

New booklet provides guidance on OREO

September 13, 2013 – The Office of the Comptroller of the Currency (OCC) released updated guidance on the acquisition, management, disposition and accounting of residential REO.

The updated OCC booklet replaces the similarly titled booklet from March 1990. It also replaces examination procedures issued in April 1998 and section 251, “Real Estate Owned and Repossessed Assets,” issued in December 2010 as part of the Office of Thrift Supervision (OTS) Examination Handbook for the examination of federal savings associations.

The updated OCC guidance is a compilation of major revisions that address a variety of topics including:

  • Interagency appraisal and evaluation guidance
  • Managing and renting foreclosed residential properties
  • Third-party service providers
  • Borrower redemption periods after foreclosure
  • The exchange of participation interests in OREO

These documents have since been rescinded with the release of this guidebook:

As you would expect, VRM Mortgage Services remains fully compliant with every requirement in the updated booklet.

Call us today and let us show you how VRM can help you manage compliance risk through:

  • Multiple documented policies and desktop procedures
  • Routine audits of our clients’ REO inventory based on a number of controls and audit criteria
  • Client-specific training through VRMU, an industry-leading provider of mortgage-related training
  • SSAE 16 (Statement on Standards for Attestation Engagements (SSAE) No. 16) compliance
  • Internal audit & quality assurance

To view the release announcement click here >>

To download the document click here >>

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