Or. Admin. Code § 441-720-0225 - Adoption of Federal Statutes, Rulings, Policy Regarding Mortgage Assumptions
(1) A state
credit union is authorized to exercise the powers to allow nonmembers to assume
real estate mortgages of members conferred on a federally chartered credit
union as follows:
(a) The assumption is in
conjunction with the nonmember's purchase of the member's principal
residence;
(b) The nonmember
assumes only the remaining unpaid balance of the loan;
(c) The terms of the loan remain unchanged;
and
(d) There is no extension of
the original maturity date specified in the loan agreement with the
member.
(2) An
assumption is impermissible if the original loan was made with the intent of
having a nonmember assume the loan.
Notes
Stat. Auth.: ORS 723.102
Stats. Implemented: ORS 723.156 & 723.602
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