Or. Admin. Code § 813-020-0100

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

Section 813-020-0100 - [Effective until 5/2/2025] Approved Mortgage Loan Servicers

(1) A bank, savings bank or other financial institution that is authorized under the laws of a state or of the United States to engage in the business of servicing Mortgage Loans for residential housing may apply to become an approved Servicer under the Oregon Bond and Flex Lending FirstHome product by submitting the following to the Department:

(a) An application in the form prescribed by the Department;

(b) An opinion by the counsel of the applicant regarding the power and authority of the applicant to enter into a Mortgage Loan servicing agreement with the Department;

(c) A list of the authorized officers of the applicant and the signature of each officer;

(d) The most recent audited financial statements of the applicant;

(e) Documentation evidencing bond and insurance coverage;

(f) An application charge in an amount established by the Department for its costs of evaluation and administration; and

(g) Documentation indicating the volume of residential loans produced by the applicant's mortgage lending offices in Oregon.

(2) An applicant under section (1) of this rule must demonstrate to the Department's satisfaction that:

(a) One of the applicant's principal functions is servicing Mortgage Loans;

(b) Such servicing is a customary and regular business activity of the applicant;

(c) The applicant is approved to service conventional Mortgage Loans for the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation and is approved to service government Mortgage Loans for Ginnie Mae if servicing Federal Housing Administration or the Veterans Affairs Mortgage Loans;

(d) The applicant deposits funds to accounts in depositories that comply with the requirements of ORS 295.002, 295.005, 295.015 to 295.018 and 295.205 and that are insured to the full extent legally possible by the Federal Deposit Insurance Corporation or other similar federal insuring Department; and

(e) The applicant will maintain servicing facilities adequately staffed with trained personnel familiar with all rules, regulations and requirements pertaining to or affecting Mortgage Loans.

(3) An applicant may service Mortgage Loans if the Department determines that an applicant is qualified to service Mortgage Loans and if the applicant enters into an agreement with the Department to service Mortgage Loans according to a standard form prescribed by the Department.

(4) A Servicer may assign Mortgage Loan Sservicing to another Sservicer upon written approval by the Department.

Or. Admin. Code § 813-020-0100

OHCS 46-2024, temporary adopt filed 11/04/2024, effective 11/4/2024 through 5/2/2025

Statutory/Other Authority: ORS 456.555

Statutes/Other Implemented: ORS 456.620, ORS 456.625, ORS 456.635 & ORS 456.640