Or. Admin. Code § 813-020-0046

Current through Register Vol. 63, No. 12, December 1, 2024

Section 813-020-0046 - [Effective 5/2/2025] Mortgage Insurance

If the amount of a loan under the Single-Family Mortgage Program is greater than 80 percent of the original acquisition cost or, if lower, its value according to an appraisal acceptable to the Department, the borrower shall obtain and maintain in force mortgage insurance or a guarantee of the program loan by a qualified mortgage insurer. The following requirements apply to the mortgage insurance policy or guarantee:

(1) The policy must be in effect at the time of sale of the Program Loan to the Department;

(2) The Department must be named as the mortgagee insured or guaranteed; and

(3) The amount, terms and extent of coverage of the insurance or guaranty must meet the requirements of the indenture of trust and the bond indenture declaration governing the bonds used for the acquisition of the residence as determined by the Department to provide reasonable security against loss in the event of default.

Or. Admin. Code § 813-020-0046

1HD 14, f. & ef. 10-3-77; 1HD 9-1984, f. & ef. 9-4-84; HSG 3-1989(Temp), f. & cert. ef. 6-8-89; HSG 10-1989, f. & cert. ef. 11-3-89; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 8-1991, f. & cert. ef. 12-23-91; HSG 4-1995, f. & cert. ef. 9-28-95; Renumbered from 813-020-0040 by OHCS 8-2011(Temp), f. & cert. ef. 9-30-11 thru 3-27-12; Renumbered from 813-020-0040 by OHCS 1-2012, f. & cert. ef. 3-27-12; OHCS 46-2024, temporary suspend filed 11/04/2024, effective 11/4/2024 through 5/2/2025

Stat. Auth.: ORS 456.555

Stats. Implemented: ORS 456.620, 456.625, 456.635 & 456.640