Or. Admin. Code § 274-025-0010 - Purpose and Objectives
This Division 25 is established to administer and enforce ORS 407.075 through 407.595. Where context allows, the provisions of Divisions 20, 21, and 22, apply equally to the loans originated after April 1, 1990. The loans originated under this Division 25 are known as the " Veterans' Loan Program 1990" means all ODVA home loans originated after April 1, 1990, except financed contract sales of Department-owned properties.
(1) As
used in this Division 25: (1) "Acquisition" means the purchase of a home.
(2) "Agreement" means the contract
between the Department and the approved lender, setting forth the terms and
conditions under which program loans made by the approved lender will be
purchased by the Department.
(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 the Department to originate residential
loans or to act as a conduit for the origination of residential loans that are
acceptable to ODVA. In determining whether or not to contract with a Lending
Institution, the Department may consider factors including, but not limited to;
(a) The Department's need for additional
Approved Lenders, either on a statewide basis or in a specific geographical
area.
(b) Whether 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 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 the Department.
(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 that is duly
registered with the National Mortgage Licensing Service (NMLS).
(i) Whether 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 a
proposed contract with the Department.
(l) The result of any reference checks
conducted by the Department.
(5) "Commitment" means a promise made by the
Department to an Approved Lender, evidenced by a written commitment letter,
setting forth the terms upon which the Department will purchase or accept by
underwriting and closing a specific program loan made or processed by the
Approved Lender pursuant to a commitment request, or commitments to make an
individual loan to a qualified veteran.
(6) "Commitment Request" means a verbal or
written request from an Approved Lender to the ODVA to purchase or accept for
underwriting and closing a specific program loan.
(7) "Department" means the Oregon Department
of Veterans' Affairs established under ORS
406.005.
(8) "Director" means the means Director of
the Oregon Department of Veterans' Affairs.
(9) "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.
(10) "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 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.
(11) "Mortgage" means a loan in which real
property is used as collateral.
(12) "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 the Department, is capable of
meeting the needs of the Department 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
59.980 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 that is duly registered with the
National Mortgage Licensing Service (NMLS).
(g) The experience, efficiency, and
performance of the entity in the areas of residential lending and any other
area of the entity's business
(13) "Loan Origination Guide/Mortgage Loan
Origination Guide" means the manual containing the origination instructions for
the Veterans' Loan Program 1990, and any subsequent changes as they are
effected.
(14) "ODVA" means the
Oregon Department of Veterans' Affairs established under ORS
406.005.
(15) "Qualified Insurer" means a private
mortgage insurance company licensed to do business in this state and that has
entered into a master policy agreement with the Department.
(16) "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 that will be secured by an ODVA loan a primary legal
residence.
(17)
"Security" means all of the real property that is to be acquired for a home and
which serves as collateral for the loan.
(18) "Trust deed" means a deed, executed in
conformity with ORS
86.705 to
86.815,
that conveys an interest in real property to a trustee in trust to secure the
performance of an obligation the grantor or other person named in the deed owes
to a beneficiary.
(19) "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.
(20) "Veterans' Loan Program 1990"
means all ODVA home loans originated after April 1, 1990, except financed
contract sales of Department-owned properties.
Notes
Publications: 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
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