Or. Admin. R. 274-045-0001 - Definitions for OAR 274-045-0001 to 274-045-0481
As used in this Division 45:
(1) "Acquisition" means the purchase of a
home.
(2) "Agreement" means the
contract between the Oregon Department of Veterans' Affairs (ODVA) and the
approved lender, setting forth the terms and conditions under which program
loans made by the approved lender will be purchased by the ODVA.
(3) "ALTA Mortgagee's Title Insurance" means
a title insurance policy issued in American Land Title Insurance form by a
title insurer licensed by the State of Oregon.
(4) "Approved Lender" means any "Lending
Institution" as defined in ORS
407.177(8)
that has entered into an agreement with ODVA to originate residential loans
acceptable to ODVA or to act as a conduit for the origination of residential
loans acceptable to ODVA. In determining whether or not to contract with a
Lending Institution, ODVA may consider factors including, but not limited to
the following:
(a) ODVA's need for additional
Approved Lenders, either on a statewide basis or in a specific geographical
area,
(b) Whether or not the
Lending Institution has had any complaints filed against it or against any of
its employees, agents, officers, Directors, owners, or affiliates through the
Consumer and Business Services Department of the State of Oregon, through any
other regulatory agency or otherwise.
(c) Whether or not representatives of the
Lending Institution have attended any ODVA-sponsored training.
(d) The reputation of the Lending
Institution, including its employees, agents, officers, Directors, owners or
affiliates.
(e) The number and
experience of Lending Institution employees and other personnel available to
originate loans or to act as a conduit for the origination of residential loans
acceptable to ODVA.
(f) Status and
character of the institution's loan policies and procedures.
(g) The financial capability of the Lending
Institution to originate loans or to act as a conduit for the origination of
loans.
(h) The Lending
Institution's qualification as a loan originator or a seller/servicer for the
Federal National Mortgage Association, the Federal Home Loan Mortgage
Association, or the United States Department of Veterans' Affairs.
(i) Whether or not the deposits of the
Lending Institution are insured by FDIC or some other federal agency or
corporation.
(j) The experience,
efficiency and performance of the Lending Institution in the area of
residential lending and any other area of the Lending Institution's
business.
(k) The willingness and
commitment of the Lending Institution to accept and to fulfill the terms of an
ODVA proposed contract.
(l) The
result of any references which are checked as part of the application
process.
(5)
"Commitment" means a promise made by the ODVA to an Approved Lender or veteran,
evidenced by a written commitment letter, setting forth the terms upon which
the ODVA will purchase, originate, or accept by underwriting and closing a
specific program loan made or processed by the Approved Lender or ODVA pursuant
to a reservation of funds.
(6)
"Department" means the Oregon Department of Veterans' Affairs established under
ORS
406.005.
(7) "Director" means the means Director of
the Oregon Department of Veterans' Affairs.
(8) "Home" means a residential structure,
including a manufactured home or a condominium unit, which is established,
maintained and used primarily as a principal residence by a veteran, and
includes real property connected to a residential structure, including any
long-term leasehold and any outbuildings.
(9) "Lease" means the giving of possession
and use of profits of secured property for a period of time in return for
compensation.
(10) "Lease Option"
means a lease of real property with an option to purchase the property within a
stipulated period of time.
(11)
"Lending Institution" means an entity which is licensed, or otherwise legally
authorized, to conduct business in the State of Oregon exclusively or in part
as a mortgage lender or a conduit for mortgage loans and that, in the judgment
of ODVA, is capable of meeting the needs of ODVA in carrying out the purposes
of ORS Chapter 407. In determining whether or not an entity that is licensed,
or otherwise legally authorized, to conduct business in Oregon exclusively or
in part as a mortgage lender or a conduit for mortgage loans is capable of
meeting the needs of ODVA in carrying out the purposes of ORS Chapter 407, ODVA
may consider factors including, but not limited to the following:
(a) Whether or not the entity qualifies as a
"Banking Institution" or similar entity including, but, not limited to an
"Extranational Institution," a "Federal Bank," a "Federal Savings Bank," or a
"Financial Institution" under ORS
706.005,
706.008,
707.744,
or
723.042.
(b) Whether or not the entity qualifies as a
"mortgage broker" under ORS
59.840 through
59.965 for a period of
three years.
(c) Whether or not the
representatives of the entity have attended any ODVA-sponsored
training.
(d) The reputation of the
entity or of any of its employees, agents, officers, Directors, affiliates or
owners.
(e) The financial
capability of the entity to originate loans or to act as a conduit for the
origination of loans.
(f) The
entity's qualification as a loan originator or a seller/servicer for the
Federal National Mortgage Association, the Federal Home Loan Mortgage
Association, or the United States Department of Veterans Affairs.
(g) The experience, efficiency, and
performance of the entity in the areas of residential lending and any other
area of the entity's business.
(12) "Loan Origination Guide/Mortgage Loan
Origination Guide" means the manual containing the origination instructions for
the Post Vietnam Era Veterans' Home Loan Program, and any subsequent changes as
they are effected.
(13) "Loan to
Value Ratio" is the loan amount or balance divided by the net appraised
value.
(14) "Manufactured home"
means a structure that is:
(a) At least 20
feet in width;
(b) Constructed for
movement on the public highways and that has sleeping, cooking and plumbing
facilities;
(c) Intended for human
occupancy;
(d) Being used for
residential purposes;
(e)
Classified and taxed as real property in the county where the structure is
located; and
(f) Constructed in
accordance with the Oregon Manufactured Dwelling Installation Specialty Code
adopted under ORS
446.155
or the Model Manufactured Home Installation Standards established by the
Department of Housing and Urban Development.
(15) "Net Appraised Value" means the lesser
of the appraised value or the purchase price. The "appraised value" is the
value established by an appraisal obtained by or at the direction of the
Department, or an appraisal approved by the Department
(16) "ODVA" means the Oregon Department of
Veterans' Affairs established under ORS
406.005.
(17) "Post Vietnam Era Veterans' Home Loan
Program " means all home loans originated under this Division.
(18) "Qualified Insurer" means a private
mortgage insurance company licensed to do business in Oregon and with which
ODVA has agreed to accept mortgage insurance coverage. When an ALTA mortgagee's
title insurance policy is in force insuring the State against the usual losses
covered by an ALTA policy as well as any loss from any prior encumbrance, and
the encumbrance is acceptable to both the veteran and ODVA.
(19) "Rent" means the giving of possession of
secured property for occupancy for a specific period of time in return for a
stipulated amount of compensation.
(20) "Reservation of Funds" (Rate Lock) means
the setting aside of specific funds at a designated interest rate for a
specific period of time.
(21)
"Resides in the State of Oregon" means a person who:
(a) Maintains a primary legal residence in
Oregon, or
(b) Intends to occupy a
home in Oregon, secured by an ODVA loan, that will be their primary legal
residence.
(22)
"Security" means all of the real property that is to be acquired for a home and
which serves as collateral for the loan.
(23) "Transfer" means a change of ownership,
either by operation of law, act of the parties, or both, such as deed,
contract, certificate, court decree, property settlement, foreclosure,
easement, condemnation, or adverse possession of the premises.
(24) "Underwriter/Designated Loan Officers"
means those employees of ODVA whose paramount responsibility shall be the
approval or rejection of all applications for loans.
(25) "Veteran" means a person who:
(a) Resides in the State of Oregon at the
time of applying for a loan from the fund;
(b) Is a veteran, as that term is defined by
Oregon law in ORS
407.087;
(c) Served under honorable conditions on
active duty in the Armed Forces of the United States; and
(d) Satisfies the requirements applicable to
the funding source for the loan from the Oregon War Veterans' Fund.
Notes
Publications referenced are available from the agency.
Statutory/Other Authority: ORS 406.005 & 407.115
Statutes/Other Implemented: ORS 407.075 to 407.385; Oregon Constitution Article XI-A, Section 3
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.