Or. Admin. Code § 813-020-0021 - [Effective 5/2/2025] Reservation System
(1) A lender
approved by the Department under OAR
813-020-0020 may apply to the
Department for a reservation of Department funds with which the Department may
purchase a loan made by the lender under the Single Family Mortgage Program . A
lender applies for a reservation by submitting to the Department the name of
the applicant for the loan , the address of the property to which the loan
applies, the amount of the loan , the acquisition cost and any other information
and documents requested by the Department .
(2) Program loan funds are reserved on a
first-come first-served loan by loan basis, except that the Department may also
move to the list of approved loan reservations a reservation from a list of
standby reservations established by the Department whenever a reservation
approved by the Department is cancelled by a lender .
(3) A lender may assign a reservation
approved by the Department to another lender approved by the Department if both
lenders consent to the assignment in writing and if the Department authorizes
the assignment.
(4) A lender shall
report and confirm to the Department for each reservation, on a regular basis
established by the Department , all of the following information:
(a) The name of the borrower ;
(b) The address of the property to which the
loan applies;
(c) The loan amount;
and
(d) The date on which the loan
was cancelled or the dates on which the loan was approved and closed.
Notes
Publications: Publications referenced are available from the agency.
Stat. Auth.: ORS 456.555
Stats. Implemented: ORS 456.640
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