Other Real Estate Owned Policy
The purpose of this Other Real Estate Owned Policy Template is to address how a bank, credit union, or other type of financial institution properly disposes its Other Real Estate Owned (“OREO” or “REO”) properties in a manner which is expeditious and maximizes the potential value of such properties in accordance with all related laws, rules and regulations.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Risk Management – Topic 3
- Holding Period – Topic 4
- Accounting – Topic 5
- Appraisals and Evaluations – Topic 6
- Management and Disposition – Topic 7
- Concentrations – Topic 8
- Environmental Risk Management – Topic 9
- Regulatory Risk Rating – Topic 10
- Property Disposition Alternatives – Topic 11
- Expenses, Taxes and Insurance – Topic 12
- Audit Policy – Topic 13
- Staff Training – Topic 14
- Retention of Documentation – Topic 15
Recent updates to this product:
OCC Final Rule – Other Real Estate Owned and Technical Amendments
Current Expected Credit Losses (CECL) Accounting Standard
OCC Bulletin 2018-26 – Revised Other Real Estate Owned Booklet
Federal Reserve Consumer Affairs Letter CA 18-4 – Restoration of Protecting Tenants at Foreclosure Act of 2009
National Defense Authorization Act for Fiscal Year 2018
This Other Real Estate Owned Policy Template (approximately 45 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
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