Or. Admin. Code § 441-890-0030 - Liquidity, Operating Reserves, and Tangible Net Worth Requirements
(1) An applicant or
licensee operating as an approved servicer by one or more government sponsored
enterprise (GSE) must maintain liquidity, operating reserves, and tangible net
worth that meet the standards set by the GSE. If approved by more than one GSE,
the applicant or licensee must meet the highest standard of the GSEs for which
it is approved.
(2)
(a) An applicant or licensee with a portfolio
of only non-GSE loans must maintain a minimum tangible net worth of $1 million
or maintain a $1 million surety bond.
(b) An applicant or licensee with a portfolio
of non-GSE loans must maintain liquidity, including operating reserves, of
.00035 times the unpaid principal balance of the portfolio.
(3) The director may waive or
adjust one or more of the requirements in this section if it finds that doing
so will be in the public interest. The director shall consider the servicer's
loan portfolio, operational risks, net worth, operating reserves, and degree of
supervision by other regulatory entities.
Notes
Statutory/Other Authority: ORS 86A.315
Statutes/Other Implemented: ORS 86A.315
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