Click to return to BOL home page
Banker Store Read A Reg BOL Insiders Career Connect Learning Connect Bankers Information Network



October 20
HSAs for Employer Groups: Avoid Failure;
Whitney Johnson

October 22
Advanced Visa Error Resolution;
Biran Crow

October 23
Advanced MasterCard Error Resolution;
Brian Crow

October 24
How to Audit Advertising - Compliance Issues Here, There, Everywhere!;
Patricia Cashman

October 29
Documenting an Applicant's Intent to be a Joint Applicant;
David Dickinson

November 4
Issues with Deceased Customers;
Mary Beth Guard and John Burnett



Topic Options
Manage Topic
#1585311 - 07/29/11 01:11 PM Foreclosure Management
4-2-go Offline
Gold Star

Registered: 11/12/08
Posts: 367
Loc: East
Anyone started on the self assessment for this?
_________________________
My best days are yet to come.

Top
General Discussion
#1588708 - 08/06/11 09:28 AM Re: Foreclosure Management [Re: 4-2-go]
4-2-go Offline
Gold Star

Registered: 11/12/08
Posts: 367
Loc: East
OCC is directing national banks to conduct self-assessments of foreclosure management practices by September 30th. Does anyone already have a template they would be willing to share? I have a complete compliance assessment that I complete every year, however this one needs to be just foreclosure procedures.
Any help would be greatly appreciated.
_________________________
My best days are yet to come.

Top
#1588710 - 08/06/11 02:41 PM Re: Foreclosure Management [Re: 4-2-go]
Kathleen B Offline

10K Club

Registered: 12/27/00
Posts: 17573
They actually want more than a risk assessment. They want a self-assessment:

"The self-assessments should include testing and file reviews and be appropriate in scope, considering the level and nature of the bank’s mortgage servicing and foreclosure activity."

The self-assessments should include testing and file reviews and be appropriate in scope, considering the level and nature of the bank’s mortgage servicing and foreclosure activity.

For the risks, start out with list each of the points in the guidance and add in your practices, policies and controls on each item. Assess your risk from there.
_________________________
Kathleen Blanchard CRCM "Kaybee"
Lending/CRA/HMDA/Mapping/Consulting
www.kaybeescomplianceinsights.com

Top
#1589238 - 08/08/11 04:49 PM Re: Foreclosure Management [Re: Kathleen B]
Cornhusker Online
Gold Star

Registered: 03/25/11
Posts: 338
Loc: SE, Nebraska
and they say this: ... Boards of directors should ensure that management has addressed these areas.

To me this means we should have a policy statement (board approved). I simply paraphrased the guidance from the bulletin and then wrote a checklist that itemizes the stuff we say we will do in the policy.

Top
#1658677 - 01/31/12 04:18 PM Re: Foreclosure Management [Re: 4-2-go]
Funky Falcon Offline
100 Club

Registered: 01/10/08
Posts: 212
Loc: Minnesota
Has anyone heard about the OCC extending the completion deadline from Sept. 2011 to June 2012??? I heard that from someone today, but can't find proof of it.

Top
#1658788 - 01/31/12 07:40 PM Re: Foreclosure Management [Re: 4-2-go]
Princess of Power Offline
Gold Star

Registered: 08/23/02
Posts: 386
Loc: Napa, CA
My EIC (OCC) has asked for it already. So she has the policy & self risk assessment for review right now & am awaiting her comments.

Top
#1679597 - 03/20/12 09:29 AM Re: Foreclosure Management [Re: Princess of Power]
zitch70 Offline
Gold Star

Registered: 04/05/01
Posts: 331
Loc: Edinburg, Texas
EIC stated that my report is the best he has seen in the ones they review, but still is not satisfactory. We are getting an MRA on this. Scope inadequate. Report not detailed enough - no numbers, nothing about MIS reports, nothing on third party attorneys qualifications testing monitoring board approval, (OCC 2001-47). So back I go to redo.

Top
#1681612 - 03/23/12 12:35 PM Re: Foreclosure Management [Re: 4-2-go]
Karen45 Offline
New Poster

Registered: 01/31/08
Posts: 1
can anyone provide me with a template for the foreclosure self assessment?

Top
#1682085 - 03/26/12 11:06 AM Re: Foreclosure Management [Re: 4-2-go]
POWFNB Offline
Junior Member

Registered: 10/26/09
Posts: 26
Zitch 70 - Issued an MRA for this one??? Wow. We are a small bank (less than $60M)and had an OCC exam in December. We had not completed a self-assessment, but fortunately we also had not had many foreclosures over the last year or two. I completed a self-assessment using the format provided in the guidance (OCC 2011-29) and it's only one page. They were satisfied. I have also added a small section to our loan policy regarding this and OCC 2011-49, which is related to residential foreclosures. Hope this helps.

Top
#1683997 - 03/29/12 05:59 PM Re: Foreclosure Management [Re: POWFNB]
Marnie Offline
Gold Star

Registered: 11/13/07
Posts: 431
Anyone know if FDIC has addressed this as well? Anyone regulated by FDIC voluntarily doing this?

Top
#1787248 - 02/19/13 12:00 PM Re: Foreclosure Management [Re: Marnie]
lvc Online
Platinum Poster

Registered: 07/11/07
Posts: 913
Bump

Top
#1797172 - 03/21/13 12:32 PM Re: Foreclosure Management [Re: 4-2-go]
DeeQ Offline
10K Club

Registered: 12/04/02
Posts: 40582
Loc: I don't know!
We are being hounded that our FC Assessment is not detailed enough. Really? We have a very low FC rate and our procedures are simple. mad
_________________________
Fake people have an image to maintain, real people don't care. - unknown

Top
#1797230 - 03/21/13 01:32 PM Re: Foreclosure Management [Re: 4-2-go]
E.G.B. Offline
Power Poster

Registered: 07/23/02
Posts: 6513
Loc: Behind you
"Simple" is probably the issue for them. They apparently want detailed.
_________________________
It should be socially acceptable to end any boring conversation by shouting "UNSUBSCRIBE!"

Top
#1797246 - 03/21/13 01:43 PM Re: Foreclosure Management [Re: 4-2-go]
Kathleen B Offline

10K Club

Registered: 12/27/00
Posts: 17573
I worked with a bank (former OTS) to beef it up. They had to add detail...how many, #, $, trends.

I reviewed it and made additions to how they described their processes to emphasize the OCC focuses on. You want detail, numbers.

Don't cross reference procedures...say it. It should be a standalone document that gives a complete picture.
_________________________
Kathleen Blanchard CRCM "Kaybee"
Lending/CRA/HMDA/Mapping/Consulting
www.kaybeescomplianceinsights.com

Top