Or. Admin. Code § 813-080-0035

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

Section 813-080-0035 - Mortgage Credit Certificate Lender

(1) A lender may be any person, including an issuer of Mortgage Credit Certificates, who provides financing for the acquisition, Qualified Rehabilitation, or Qualified Home Improvement of a single-family residence. This includes, but is not limited to, any commercial bank, savings and loan association, savings bank, mortgage banker, credit union, finance company or other person. A lender shall not provide financing under this program to any certificate holder who is a related person to that lender.

(2) A person wishing to become a lender shall sign and agree to the terms of the Department's Mortgage Credit Certificate Lender Agreement. A lender who has signed this Mortgage Credit Certificate Lender Agreement may provide financing for the purchase, improvement, or rehabilitation of a single-family residence in connection with the issuance of a Mortgage Credit Certificate to an eligible borrower.

(3) A lender shall agree to provide financing to the eligible borrower in accordance with the following criteria:

(a) The mortgage shall not be used for the acquisition or replacement of an existing mortgage unless such mortgage was a construction loan, bridge loan, or similar temporary financing of 24 months or less;

(b) The mortgage may not have any portion of the financing from the proceeds of a tax-exempt mortgage bond or a tax-exempt veteran's mortgage bond;

(c) The purchaser shall not, directly or indirectly, be prohibited or required to obtain financing from one or more lenders;

(d) There shall not be any interest on the certified indebtedness amount paid to a related person to the eligible borrower;

(e) A Mortgage Credit Certificate shall not be transferable.

Or. Admin. Code § 813-080-0035

1HD 2-1986(Temp), f. & ef. 6-17-86; 1HD 4-1986, f. & ef. 12-3-86; HSG 3-1989(Temp), f. & cert. ef. 6-8-89; HSG 17-1989, 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

Stat. Auth.: ORS 90.800 - ORS 90.840, ORS 91.886, ORS 183, ORS 456.515 - ORS 456.723 & ORS 458.210 - ORS 458.650

Stats. Implemented: ORS 456.605