OCC Issues Updated Comptroller's Handbook on Residential Real Estate Lending

The Office of the Comptroller of the Currency ("OCC") issued a revised booklet titled "Residential Real Estate Lending." The booklet is part of the Comptroller's Handbook.

The booklet, which replaces the "Real Estate Loans" and "Examination Procedures" booklets that were issued in March 1990 and March 1998, respectively, includes the following:

• Advisory Letter 1997-7, "Affordable Mortgage Portfolios," and OCC Bulletin 2005-3, "OCC Guidelines Establishing Standards for National Banks' Residential Mortgage Lending Practices: Appendix C to 12 CFR Part 30," both of which are made applicable to FSAs;
• the rescindment of Thrift Bulletin 85;
• updated guidance to examiners on assessing the quantity of risk associated with residual real estate ("RRE") lending and the quality of RRE lending risk management;
• wholesale changes to the functional areas of production, servicing, and collections and foreclosures to incorporate recent lessons learned as well as regulatory changes; and
• recent amendments to Regulation X issued by the Consumer Financial Protection Bureau, as well as other statutory and regulatory changes, including those directed by the Dodd-Frank Wall Street Reform and Consumer Act.

See: Residential Real Estate Lending; OCC Press Release.