Or. Admin. R. 330-110-0055 - Fees and Charges

Pursuant to ORS 470.060, an applicant will pay the Department for costs to review, process and service a request for a loan. Applicants will pay the following fees and charges:

(1) A non-refundable application fee as fixed by ORS 470.060. "Application," as used here, includes a request to assume or transfer or increase an existing loan but does not include a request for an interim loan made in an application for a permanent loan for a project. If the Department consults with an applicant on a loan before an application is submitted the applicant must pay an application fee after the first hour of consultation. The fee will be applied to the application fee for an application that is submitted within thirty days of the consultation. If an application is submitted more than thirty days after the consultation, the applicant must pay a new application fee.

(2) A non-refundable underwriting fee of $500 or one-half of one percent of the loan request amount, whichever is greater, but not to exceed $5,000.

(3) A loan fee of between one and four percent of the loan amount based upon the Director's assessment of the risk profile of the project, payable at loan closing.

(4) Charges for items including, but not limited to credit reports, expert advice, legal fees, construction inspections, disbursement fees, loan servicing fees and appraisals, unless charges incurred also benefit another application, in which case the charges will be divided equitably. Such charges will be estimated or itemized for the applicant before they are incurred.

(5) A fee of $500 for each request to release or modify security. Additional charges may be made for items listed in OAR 330-110-0055(4). Such charges will be estimated or itemized for the applicant before they are incurred.

(6) The interest rate set in a binding loan commitment may not be increased without the applicant's consent except as provided in the loan commitment or the loan documents. The interest rate for any project proposed by an eligible federal agency must be set in accordance with ORS 470.150(2). Loan contracts may provide for rates to be adjusted upon issuance of the bonds whose proceeds fund the loans.

(7) The Department may offer a fee that combines the fees and charges in OAR 330-110-0055(1) through (3) and that is equal to or less than the sum of the fees and charges in OAR 330-110-0055(1) through (3). If offered, a combined fee will apply to any applicant receiving similar loan terms.

Notes

Or. Admin. R. 330-110-0055

DOE 6-1982, f. & ef. 4-21-82; DOE 2-1983, f. & ef. 5-16-83; DOE 4-1984, f. & ef. 3-6-84; DOE 2-1986, f. & ef. 3-4-86; DOE 4-1988, f. & cert. ef. 7-26-88; DOE 1-1994, f. & cert. ef. 4-1-94; DOE 2-1998, f. & cert. ef. 9-30-98; DOE 7-2004, f. & cert. ef. 12-20-04; DOE 1-2006, f. & cert. ef. 4-3-06; DOE 13-2012, f. & cert. ef. 12-20-12

Stat. Auth.: ORS 469 & 470.140

Stats. Implemented: ORS 470.060 & 470.150