Or. Admin. Code § 813-020-0090 - Mortgage Loan Servicing
All Program Loans shall be serviced in accordance with the requirements of the Department's Servicer to include:
(1) Oregon Bond Residential Loan Program
(a) The Servicer or Department's Servicer,
shall service a loan under the Oregon Bond Residential Loan Program in
accordance with the servicing agreement and the rules of this
division.
(b) A Servicer shall
charge for Mortgage Loan servicing according to uniform servicing rates
established by the Department that are based on the estimated costs of
servicing Mortgage Loans and prevailing rates for servicing similar
loans.
(c) For the term of a
Mortgage Loan, the borrower shall make monthly escrow payments for real estate
property taxes and assessments, hazard insurance premiums and, if necessary,
mortgage insurance premiums, except as otherwise provided in the terms of the
Mortgage Loan agreement.
(d) Upon
approval by the Department, a Servicer may take one or more actions to protect
the Department's security in a residence financed by a Mortgage Loan. The
actions may include but are not limited to the following:
(A) Loan modification;
(B) Property maintenance and
repair;
(C) Foreclosure or
deed-in-lieu of foreclosure proceedings; and
(D) Representation of the Department's
interest in bankruptcy proceedings.
(e) If a Servicer fails to comply with the
Department's servicing, reporting or remittance requirements, the Department
may assess a penalty or may terminate the servicing agreement.
(2) Flex Lending FirstHome Loan
Product
(a) A borrower is eligible for a
mortgage loan under the program if they meet the eligibility requirements set
forth in the OHCS Flex Lending Program's NextStep FirstHome Product Guideline
Manual.
(b) A residence is eligible
for a mortgage loan under the program if:
(A)
The property is residential property located in Oregon;
(B) The property contains one to four
residential dwelling units.
(C) The
property is structurally sound and functionally adequate; and
(D) The property meets the requirements of
the Department's Servicer.
Notes
Statutory/Other Authority: ORS 456.555
Statutes/Other Implemented: ORS 456.620, 456.625, 456.635 & 456.640
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
(1) The Servicer or Department 's Servicer, shall service a loan under the Oregon Bond Residential Loan Program in accordance with the servicing agreement and the rules of this division.
(2) A Servicer shall charge for Mortgage Loan servicing according to uniform servicing rates established by the Department that are based on the estimated costs of servicing Mortgage Loans and prevailing rates for servicing similar loans.
(3) For the term of a Mortgage Loan , the borrower shall make monthly escrow payments for real estate property taxes and assessments, hazard insurance premiums and, if necessary, mortgage insurance premiums, except as otherwise provided in the terms of the Mortgage Loan agreement.
(4) Upon approval by the Department , a Servicer may take one or more actions to protect the Department 's security in a residence financed by a Mortgage Loan . The actions may include but are not limited to the following:
(a) Loan modification;
(b) Property maintenance and repair;
(c) Foreclosure or deed-in-lieu of foreclosure proceedings; and
(d) Representation of the Department 's interest in bankruptcy proceedings.
(5) If a Servicer fails to comply with the Department 's servicing, reporting or remittance requirements, the Department may assess a penalty or may terminate the servicing agreement.
Notes
Statutory/Other Authority: ORS 456.555
Statutes/Other Implemented: ORS 456.620, ORS 456.625, ORS 456.635 & ORS 456.640