Other Real Estate Owned Update Details

What's New

Topic 12 - Audit Policy. This topic provides guidance with respect to a financial institution's requirement to conduct periodic independent audit reviews of its lending compliance activities.

Topic 13 - Retention of Documentation. Provides sample guidance for the retention of OREO documentation.

What's Revised

Topic 2 - Policy Statement. Under the "General" subtopic, the first paragraph was revised and a new paragraph was added after the five bullet points.

Topic 3 - Regulatory Overview. The first two paragraphs of the "Appraisal and Classification Requirements" subtopic (formerly Appraisal Requirements) were revised.

Topic 6 - Property Operations. A reference to a financial institution's Vendor Management Program Policy was added as the last paragraph under the "Property Management Agreement" subtopic.

Topic 9 - Accounting. The following subtopics were added:

General

Book Value

Financed Sales of Other Real Estate

Other Real Estate Reserves

Classification Treatment of Reserves

The "Recognition of Gain or Loss" subtopic was revised to reference a financial institution's Non-Accrual and Charged-Off Loan Policy.

The following subtopics were deleted:

Recorded Investment (Book Value)

Subsequent Changes in Recorded Investment

Product Contents

Purpose and Contents - Topic 1

Policy Statement - Topic 2

Regulatory Overview - Topic 3

Loan Officer Responsibilities - Topic 4

Management of Properties - Topic 5

Property Operations - Topic 6

File Maintenance - Topic 7

Reporting and Monitoring - Topic 8

Accounting - Topic 9

Expenses and Taxes - Topic 10

Insurance - Topic 11

Audit Policy - Topic 12

Retention of Documentation - Topic 13

Ordering Information

This revised product is available to purchase from Bankpolicies.com for:

$125.00 - List Price

- or -

$25.00* - Update Price

*Applies only to clients who have purchased the Other Real Estate Owned Policy Template within the last three years.

If you have ordered this product after 01/20/08 you are eligible to receive the product update at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies).

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