Or. Admin. Code § 813-080-0030 - Allocation of Mortgage Credit Certificates
(1) Under the program, the issuer may issue
Mortgage Credit Certificates to eligible borrowers.
(2) An applicant wishing to participate in
the program may apply through any lender who is not a related person. The
Lender shall sign and agree to the terms of the issuer's Mortgage Credit
Certificate Lender Agreement before a Mortgage Credit Certificate will be
issued to the eligible borrower.
(3) Mortgage Credit Certificate application
shall be made on forms prepared or approved by the issuer. The lender shall
provide such forms to prospective applicants and take normal and appropriate
measures to verify the information given. The lender shall determine the
qualifications of an applicant as an eligible borrower for a Mortgage Credit
Certificate.
(4) If the applicant
meets the Program requirements, the lender shall obtain a completed and signed
Application Affidavit from the applicant. Upon receipt of the signed
Application Affidavit, the lender shall place with the issuer a reservation for
tax credit authority for that applicant in the manner prescribed by the issuer.
The issuer shall issue a letter which confirms that tax credit authority has
been reserved, and lists the program requirements the applicant must meet to
qualify for the Mortgage Credit Certificate. The lender shall notify the
issuer, in writing, of any changes in the information furnished in the letter.
The issuer shall issue Mortgage Credit Certificates only to applicants for whom
a reservation for tax credit authority has been made, and who, at loan closing,
meet the program requirements listed in the letter.
(5) If a lender determines that an applicant
does not qualify for a Mortgage Credit Certificate, the lender shall instruct
the issuer to cancel that applicant's reservation for tax credit
authority.
(6) The lender shall
provide to the issuer evidence of closing and other information the issuer may
require within ten working days of loan closing unless the issuer approves a
later submission upon written request of the lender. Upon review and approval
of the information submitted, the issuer shall issue the Mortgage Credit
Certificate. If the issuer disapproves issuance of a Mortgage Credit
Certificate, the issuer shall cancel that applicant's reservation for tax
credit authority and notify the lender immediately of the actions
taken.
(7) The issuer may establish
reasonable fees in connection with the issuance of a Mortgage Credit
Certificate:
(a) The lender shall charge and
remit to the issuer a fee of one-half of one percent of the Certified
Indebtedness Amount (original loan amount) to cover the issuer's administrative
costs of operating the Mortgage Credit Certificate Program. The lender may
retain a discretionary fee from the above administrative fee, of up to $50 to
cover the administrative costs of processing the Mortgage Credit Certificate
package. The fees are non-refundable unless the issuer or lender, on a
case-by-case basis, waives all or part of its fee;
(b) The issuer shall charge the borrower a
$10 fee for a replacement copy of their Mortgage Credit Certificate;
(c) Applicants may be required to pay other
fees which are customarily associated with a mortgage or contract loan provided
the fees are usual and reasonable.
(8) The availability of Mortgage Credit
Certificates issued under the Mortgage Credit Certificate Program shall be
subject to the issuer's election not to sell qualified mortgage
bonds.
(9) The issuer may adopt
procedures to allocate Mortgage Credit Certificates to lower-income before
higher-income applicants.
Notes
Stat. Auth.: ORS 456.515 thru ORS 456.720
Stats. Implemented: ORS 456.605
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