We need to write a policy covering procedures for Other Real Estate. Does anyone have any guidance on this?

I read the FRB guidance and then printed off the pages from the exam manual....walked my policy right thru their suggestions.

Who's responsible
Guidance on transfer in/how long hold it
Better check the Environmental Risk Policy!
Initial Valuation
Subsequent Changes
Accounting for Cap Expenditures
Accounting for expenses
Accounting for Income-Producing property
Maintaining the property
Disposition - General governance and again, accounting

Cornfed -- are you referring to the FRB Commercial Bank Exam Manual or something different?

Yup - - that's the one.

Generally when policy writing I read the OCC handbooks on the topic, too. But our OREO Mangagement Policy basically reads like the FRB exam manual. It all but says "we'll do just what you say." There is a little of our appraisal policy, our CFO's requests and a little State law thrown in, too.

Thanks a lot - I'll go to the exam manual.