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Bankpolicies.com® |
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Product Update Notification - 02/20/08 Other Real Estate Owned Policy 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). NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com. Find Out What's New or Revised with our Product Update Program Our Product Update Program allows existing clients to receive e-mail notifications from us the same day we issue a new or revised product. We encourage you to subscribe today for this free and convenient service. |