Or. Admin. Code § 813-020-0021

Current through Register Vol. 63, No. 11, November 1, 2024

Section 813-020-0021 - Reservation System

(1) A lender approved by the Department under OAR 813-020-0020 may apply to the Department for a reservation of Department funds with which the Department may purchase a loan made by the lender under the Single Family Mortgage Program. A lender applies for a reservation by submitting to the Department the name of the applicant for the loan, the address of the property to which the loan applies, the amount of the loan, the acquisition cost and any other information and documents requested by the Department.

(2) Program loan funds are reserved on a first-come first-served loan by loan basis, except that the Department may also move to the list of approved loan reservations a reservation from a list of standby reservations established by the Department whenever a reservation approved by the Department is cancelled by a lender.

(3) A lender may assign a reservation approved by the Department to another lender approved by the Department if both lenders consent to the assignment in writing and if the Department authorizes the assignment.

(4) A lender shall report and confirm to the Department for each reservation, on a regular basis established by the Department, all of the following information:

(a) The name of the borrower;

(b) The address of the property to which the loan applies;

(c) The loan amount; and

(d) The date on which the loan was cancelled or the dates on which the loan was approved and closed.

Or. Admin. Code § 813-020-0021

HSG 10-1989, f. & cert. ef. 11-3-89; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 8-1991, f. & cert. ef. 12-23-91; HSG 4-1995, f. & cert. ef. 9-28-95; Renumbered from 813-020-0017 by OHCS 8-2011(Temp), f. & cert. ef. 9-30-11 thru 3-27-12; Renumbered from 813-020-0017 by OHCS 1-2012, f. & cert. ef. 3-27-12

Publications: Publications referenced are available from the agency.

Stat. Auth.: ORS 456.555

Stats. Implemented: ORS 456.640