OCC’s Dugan Warns of Reverse Mortgage Compliance Crisis Crisis. Dugan says regulators should get out in front of this issue before real problems develop. OCC will examine national banks to ensure compliance with guidance as well as relevant existing regulations. 90 percent of all reverse mortgages are insured by the Department of Housing and Urban Development’s Federal Housing Administration, and known as “home equity conversion mortgages,” or “HECMs” Older homeowners can be vulnerable to coercive sales of annuity and long term care insurance products that are expensive and may not be appropriate to their needs.”]
Source: https://www.cuinfosecurity.com/occs-dugan-warns-reverse-mortgage-compliance-crisis-a-1530