FDIC issues letter regarding policies and procedures for other real estateMortgagePress.comFDIC, Guidance on Other Real Estate, property, ORE, other real estate
On July 1, the Federal Deposit Insurance Corporation (FDIC)
issued a letter emphasizing the importance of sound policies and
procedures in connection with other real estate (ORE).
The letter, titled "Guidance on Other Real Estate," addresses,
among other items, the need to comply with requirements for
obtaining initial and updated valuations for ORE, the importance of
maintaining ORE to prevent asset deterioration, and the importance
of reporting and accounting standards for ORE during acquisition,
as well as during holding and disposition periods.
For a copy of the letter, click here.