The board of directors or trustees of every State-chartered bank, trust company, savings bank, savings and loan association, or credit union and the appropriate officers of a foreign bank maintaining an insured branch in this State, as well as, all mortgage bankers, mortgage loan servicers and mortgage brokers which shall engage in the business of making, soliciting, processing or servicing reverse mortgage loans shall adopt such policies and procedures as are necessary to safely conduct such business and to establish, monitor and periodically reevaluate appropriate limitations on the institution’s aggregate reverse mortgage loan portfolio. Such policies and procedures shall be consistent with safe and sound practices and shall take into account the banking institution’s size and financial condition, local economic conditions, the availability of insurance for the portfolio or any portion thereof, consumer and homeowner protections, and any other factors that the institution deems relevant. Such policies and procedures shall be subject to the superintendent's periodic review.