justicedao/ipfs_state_laws huggingface dataset:
274-020-0450 Due on Sale (1) By ORS 407.335(5) the Director has discretion to decide when a second sale or transfer of the property, or any part thereof, securing an ODVA loan, will cause the entire balance of the loan to be immediately due and payable. (2) Effective with sales, or transfers of ownership, occurring after June 30, 1989, the Director will not declare the entire unpaid balance on any loan to be immediately due and payable because of a second sale, or transfer of ownership, of the property or any part thereof, securing the loan. Statutory/Other Authority: ORS 406 & 407 Statutes/Other Implemented: ORS 407.335 History: DVA 4-1989, f. & cert. ef. 10-4-89
274-021-0010 Escrow Closings of Contract Sales Effective with offers accepted by the Director after June 30, 1988: (1) All contract sales of real or personal property by the Director of Veterans' Affairs shall be closed by a person or firm licensed as an escrow agent under the Oregon Escrow Law (ORS 696.505 to 696.590) or an attorney at law rendering services in the performance of duties as attorney at law. (2) The escrow agent or attorney shall be selected by the purchaser. (3) The costs of the escrow closing shall be shared as follows: (a) The Director of Veterans' Affairs will pay one-half of the escrow agent's fee; (b) The purchaser will pay one-half of the escrow agent's fee; (c) Any other closing costs will be paid by the purchaser unless otherwise agreed by the parties. (4) The requirement for licensed escrow (or attorney) closing shall not be waived except when in the Director's opinion, requiring such closing would cause an undue hardship. Statutory/Other Authority: ORS 406 & 407 Statutes/Other Implemented: ORS 407.165 & 407.169 History: DVA 3-2007, f. & cert. ef. 9-25-07 DVA 2-1988, f. 6-6-88, cert. ef. 6-30-88 DVA 2-1984, f. & ef. 5-3-84
274-021-0020 Forcible Entry and Wrongful Detainer Pursuant to ORS 105.130(5), in any action brought by the State of Oregon by and through the Director of Veterans' Affairs, pursuant to the provisions of ORS 105.105 to 105.168, to recover the possession of premises to which the Director of Veterans' Affairs is entitled, any officer or employee of the Department of Veterans' Affairs is authorized, on behalf of the Director of Veterans' Affairs, to: (1) File the complaint; and (2) Appear in District Court or Justice Court at the first appearance referred to in ORS 105.137, provided that the Attorney General has given written consent to such appearances. Statutory/Other Authority: ORS 105.130(5), 406.030 & 407.115 Statutes/Other Implemented: ORS 407.115, 407.135 & 407.145 History: DVA 3-2007, f. & cert. ef. 9-25-07 DVA 5-1992, f. & cert. ef. 4-2-92
274-022-0005 Loan Cancellation Life Insurance (1) The Director of Veterans’ Affairs (DVA), prior to obtaining loan cancellation life insurance for any person who receives or assumes a loan or makes a contract with DVA for the acquisition of a home or farm, and the spouse or former spouse of that person, may enter into a contract with an insurance carrier which allows the carrier to: (a) Require an application for insurance; (b) Underwrite classes of prospective insureds on the basis of information, such as age and health status, contained in the application; (c) Set premium schedules commensurate with risk factors for other than service-connected disability; (d) Deny payment of benefits for suicide or certain preexisting, nonservice-connected disability. (2) The Director will negotiate a contract with the insurance carrier as necessary to insure procurement and maintenance of adequate, solvent, and uninterrupted, long-term insurance coverage. (3) The insurance contract may provide that loan cancellation life insurance on a loan or contract for the acquisition of a home or farm will be canceled after payments on the loan or contract become four months delinquent. Accounts due monthly are considered four months delinquent when the cumulative delinquency equals four times the standard monthly payment. (4) Accounts due quarterly, semi-annually, or annually are considered four months delinquent when an amount that would equal four monthly payments (if payments were made monthly) remains unpaid four months after the due date. (5) The insurance contract may provide that insurance canceled for the above reason cannot be reinstated unless payments are brought current and a new application for insurance is submitted. The provisions of section (1) of this rule will apply to the newly submitted application. Statutory/Other Authority: ORS 406 & 407 Statutes/Other Implemented: ORS 407.465 - 407.490 History: DVA 8-1987, f. 11-17-87, ef. 12-1-87 DVA 11-1983, f. & ef. 9-22-83 DVA 2-1983, f. 1-14-83, ef. 1-15-83 DVA 22-1982, f. & ef. 9-22-82
274-025-0020 Approved Lenders (1) Any lending institution, as defined in ORS 407.177(8) may apply to become an Approved Lender by submitting to the Director of Veterans' Affairs (director) information required by the Director which may include, but is not limited to the following for review: (a) An application in the form prescribed by the Director, including a certificate of compliance with tax laws; and (b) Its counsel's opinion regarding power and authority of the lending institution to enter into a purchase agreement with the director; and (c) A list of authorized officers; and (d) Its most recent, audited financial statements; and (e) Financial Statement of Condition (Balance Sheet) for the last two fiscal years and Profit and Loss Statement; and (f) Resumes of principal officers and key employees; and (g) Company biography and background; and (h) Signed and executed broker agreement; and (i) Resolution of the Board of Directors/Certificate of Authorized Signatures; and (j) Articles of Incorporation (if incorporated); and (k) Signed Credit Release Authorization; and (l) Applicable licenses as required by state and local law; and (m) Explanation of Quality Control Procedures; and (n) W-9; and, (o) Any other documentation or information deemed necessary by the Director; and (p) A credit report fee may be charged to the mortgage broker as part of the approved lender application process in an amount not to exceed the amount charged by the credit-reporting firm. Any funds not used or obligated for a credit report shall be refunded. (2) A lending institution will qualify as an Approved Lender if the director determines that the applicant has the capability and resources to originate only or originate, underwrite and fund loans in a sound and professional manner. The director shall consider such factors as those itemized in 274-025-010(4)(a) through (l). (3) To become an Approved Lender, a lending institution shall enter into an agreement with the Director, providing for the manner and terms of the sale or processing of loans. This agreement shall bein the standard form prescribed by the Director. Approved Lenders shall carry out such agreement in accordance with the procedures set forth in the agreement, the rules, and the Loan Origination Guide/Mortgage Brokers Loan Origination Guide. The Director may revise such procedures from time to time. The Director may terminate its agreement with an Approved Lender at any time on the terms and conditions stated in such agreement, the rules, or the Loan Origination Guide/Mortgage Brokers Loan Origination Guide. [Publications: Publications referenced are available from the agency.] Statutory/Other Authority: ORS 291.021, 406.030, 407.115, 407.177, 407.179, 407.181 & 407.275 Statutes/Other Implemented: ORS 407.125, 407.177, 407.205 & 407.275 History: DVA 3-2007, f. & cert. ef. 9-25-07 DVA 4-2000, f. & cert. ef. 4-24-00 DVA 8-1995, f. & cert. ef. 7-21-95 DVA 1-1995(Temp), f. & cert. ef. 3-17-95 DVA 7-1993, f. 5-18-93, cert. ef. 5-21-93 DVA 2-1992, f. & cert. ef. 1-2-92
274-025-0030 Loan Requirements (1) To be eligible for purchase or underwriting and closing by the ODVA pursuant to a commitment to an approved lender, a program loan shall be made or processed by the approved lender during the period of that commitment. The loan shall comply with the terms of such commitment, the requirements set forth in the agreement between ODVA and the approved lender, and the conditions set forth in the rules and the Loan Origination Guide/Mortgage Brokers Loan Origination Guide. (2) Each Approved Lender shall make loans for single-family dwellings. (3) Each program loan shall have a final maturity of at least 15 and not more than 40 years from the date of its mailing. (4) Each program loan shall be secured by a first lien security instrument as defined or allowed pursuant to OAR 274-025-0010(11) and granted by the veteran on a home which is being financed. The veteran shall hold title to the home in fee simple. (5) No program loan shall be made to refinance an existing loan, unless such loan was a temporary loan for the construction or rehabilitation of a home or other temporary initial financing. If a program loan is made to refinance such a loan, the approved lender shall certify to the ODVA that construction or rehabilitation has been satisfactorily completed before the delivery of the program loan for purchase. (6) Each program loan shall be executed on forms approved by the ODVA. Such forms shall prescribe program loan requirements regarding insurance, escrow payments, late charges, defaults, and similar matters. (7) The ODVA shall require that program loans be subject to acceleration at the option of the ODVA if at any time the veteran does not reside in the home as his/her primary residence, or if the veteran is determined to have been ineligible at the time the program loan was made. (8) The interest rate on each program loan shall be at the rate stated in the applicable commitment issued by the ODVA. [Publications: Publications referenced are available from the agency.] Statutory/Other Authority: ORS 406.030, 407.115, 407.177, 407.179 & 407.181 History: DVA 4-2008, f. & cert. ef. 2-22-08 DVA 4-2000, f. & cert. ef. 4-24-00 DVA 2-1992, f. & cert. ef. 1-2-92
274-025-0040 Reservations of Funds and Commitments (1) Under the Veterans’ Loan Program 1990, the Oregon Department of Veterans’ Affairs (ODVA) reserves funds for individual loans in the name of the veteran upon request from an Approved Lender or from authorized ODVA staff. ODVA may solicit applications and accept loan fund reservations from Approved Lender(s) subject to the terms of the appropriate agreements, and the rate and availability of funds. (2) ODVA will reserve funds for applications at the time of: (a) Acceptance of application for processing by ODVA; or (b) A verbal or written request from an Approved Lender that an application for funding is being processed. (3) Effective September 10, 2001, when ODVA reserves funds, an interest rate will be committed to this reservation and will be effective for a period of 60 days. The loan must be closed before the end of 60 days or the committed interest rate will expire. If the reservation is reissued, it will bear an interest rate at the "higher of" the expired/cancelled rate or the then-current interest rate at the time of reissue. This shall be called the "higher of" rate. If a veteran withdraws an application and subsequently re-applies for a loan on the same security, the "higher of" rule will apply for a period of 120 days from the date of withdrawal. (4) If the loan is not presented to ODVA for purchase with all documentation in place within 90 calendars days of the final HUD-1 settlement date, ODVA may charge the Approved Lender a penalty fee of one basis point of the loan amount per calendar day, until the loan is approved for purchase. Example: $150,000 loan closed and presented for purchase 120 calendar days after final HUD-1 settlement date. The penalty fee charged and deducted from the amount due to the Approved Lender is calculated as follows: $150,000 x .01% x 30 days = $450. (5) The commitment letter to the Approved Lender will contain the following information: (a) The dollar amount of the commitment; (b) The interest rate for the loan; (c) The term of the loan; (d) The mortgage insurance or guarantee required, if any; (e) The period of time during which the ODVA will purchase the loan; (f) The veteran who will be the borrower; (g) The property identification (i.e., property address); (h) Any additional information or conditions the ODVA considers appropriate in the commitment. (6) The ODVA will promptly notify approved lenders when it will not accept a commitment request, for whatever reasons. Statutory/Other Authority: ORS 406.030, 407.115, 407.177, 407.179 & 407.181 Statutes/Other Implemented: ORS 407.177, 407.179 & 407.181 History: DVA 2-2002, f. & cert. ef. 2-22-02 DVA 6-2001(Temp), f. 9-7-01, cert. ef. 9-10-01 thru 3-8-02 DVA 4-2000, f. & cert. ef. 4-24-00 DVA 2-1992, f. & cert. ef. 1-2-92
274-025-0050 Title Insurance Each loan shall be covered by a title insurance policy issued in American Land Title Association (ALTA) form by a title insurer licensed by the State of Oregon. Such policy shall be in an amount at least equal to the outstanding principal balance of the program loan. The benefits of the policy shall run to the ODVA as either named insured or assignee. The policy shall not be subject to any exceptions or conditions other than those previously approved by the ODVA. Statutory/Other Authority: ORS 406.030, 407.115, 407.177, 407.179 & 407.181 Statutes/Other Implemented: ORS 407.115, 407.177, 407.179 & 407.181 History: DVA 2-1992, f. & cert. ef. 1-2-92
274-025-0060 Hazard Insurance The home securing a program loan shall be covered by hazard insurance, which meets the requirements of the rules and the Loan Origination Guide/Mortgage Brokers Loan Origination Guide. Such hazard insurance shall be in effect prior to purchase or funding of the program loan, and shall remain in effect for the term of the program loan. The ODVA shall be named as the mortgagee insured. [Publications: Publications referenced are available from the agency.] Statutory/Other Authority: ORS 406.030, 407.115, 407.177, 407.179 & 407.181 Statutes/Other Implemented: ORS 407.155, 407.165 & 407.169 History: DVA 4-2000, f. & cert. ef. 4-24-00 DVA 2-1992, f. & cert. ef. 1-2-92
274-025-0070 Flood Insurance (1) Beginning September 1, 1995, the Director of the Oregon Department of Veterans' Affairs (Department) shall require that the location of the security on all loan applications received by the Department be reviewed and a determination made as to whether flood insurance will be required as a condition of the loan. (2) A flood determination fee will be charged to the borrower equal to the amount charged by the flood determination reporting company at the time the application is submitted. (3) All flood determinations are to be provided for the duration of the loan while it exists in the Department's portfolio (more commonly referred to as life-of-loan tracking). (4) The flood determination company must meet the qualifications as determined by the Department by applying relevant industry standards. (5) Based on the determination that the security for the loan is located in an area classified as a special flood hazard area, the director shall require the borrower to purchase flood insurance as a requirement of the loan. (6) If following loan closing, it is determined that the security is located within a flood hazard area as defined by the National Flood Insurance Reform Act of 1994 (42 USCS 3701-4370a), the borrower may be required to purchase flood hazard insurance at no cost to the Department. If flood hazard insurance is not voluntarily acquired, the director may force place said insurance and: (a) Disburse all costs associated with the acquisition of the coverage from the escrow account; or (b) Add said cost to the balance of the loan and interest will be collected at the note rate; and (c) Loan payments will be increased to repay the amount advanced. Statutory/Other Authority: ORS 406.030, 407.115, 407.169, 407.177 & 407.275 Statutes/Other Implemented: ORS 407.169, 407.177 & 407.275 History: DVA 6-2005, f. & cert. ef. 10-24-05 DVA 2-1996, f. & cert. ef. 3-22-96 DVA 9-1995(Temp), f. 8-23-95, cert. ef. 9-1-95
274-028-0001 Purpose and Objectives (1) This division is established to administer the provisions of ORS 407.145 and 407.225. These rules, together with the Processing Manual, shall implement the Veterans' Home Improvement Loan Program. (2) The program's objective is to provide funds to finance qualified improvements of owner occupied, residential housing for qualified veterans in the State of Oregon. Where context allows, the provisions of OAR chapter 274, divisions 020, 021, 022 and 025 apply equally to the Veterans' Home Improvement Loan Program loans for which applications are received on or after November 12, 1997. No improvement will be financed that is inconsistent with the provisions of ORS chapter 407, ODVA's Processing Manual, section 143 of the Internal Revenue Code of 1986 and any subsequent changes as they are effected. Copies of section 143 of the Internal Revenue Code of 1986 and the Processing Manual are on file with the Oregon Department of Veterans' Affairs, 700 Summer Street NE, Salem Oregon, and available to the public Monday through Friday between the hours of 8 a.m. and 5 p.m. Statutory/Other Authority: ORS 406.030, 407.115, 407.125, 407.145 & 407.225 Statutes/Other Implemented: ORS 407.115, 407.125, 407.145 & 407.225 History: DVA 3-2007, f. & cert. ef. 9-25-07 DVA 6-1997, f. & cert. ef. 10-22-97
274-028-0005 Definitions Selected words and terms as used in OAR chapter 274, division 028, are defined as follows: (1) Veterans' Home Improvement loan means a loan or loans issued pursuant to OAR 274-028-0001 for not more than the total loan right where said loan funds are used to improve the basic livability of the home as defined in OAR 274-025-0010(7). (2) Qualified improvements means the remodel or improvement of an existing home which will substantially enhance or protect the basic livability of the home. (3) Processing Manual means the manual containing the policy for the Veterans' Home Improvement Loan Program, and any subsequent changes as they are effected. (4) Veterans' Home Improvement Loan Program means all veterans' home improvement loans for which applications are received on or after November 12, 1997. (5) Existing loan means any loan or loans obtained by the veteran to purchase or improve the property used as security for a loan with the Oregon Department of Veterans Affairs (ODVA). (6) Loan to Value Ratio is the loan amount plus any outstanding balance owed to ODVA on the security divided by the net appraised value. Statutory/Other Authority: Ch. 214 OL 1997 & ORS 406.030 Statutes/Other Implemented: Ch. 214 OL 1997 & ORS 406.030 History: DVA 2-2005, f. & cert. ef. 4-22-05 DVA 6-1997, f. & cert. ef. 10-22-97
274-028-0010 Interest Rate (1) The Director may prescribe interest rate(s) on veterans' home improvement loans in a manner consistent with OAR 274-020-0341. The prescribed interest rates shall be "fixed interest rates" consistent with the usage of that term in ORS Chapter 407. (2) The Director will publish prescribed interest rates in the Department's Tables and Codes Manual. This publication will be available for viewing at the Oregon Department of Veterans' Affairs, 700 Summer Street NE, Salem, Oregon, as permitted by the Department, during regular business hours. Statutory/Other Authority: Ch. 214 OL 1997 & ORS 407.327 Statutes/Other Implemented: Ch. 214 OL 1997 & ORS 407.327 History: DVA 3-2005, f. & cert. ef. 4-22-05 DVA 6-1997, f. & cert. ef. 10-22-97
274-028-0015 Approval of Veterans’ Home Improvement Loans Veterans' home improvement loans will be processed using current industry standards determined by the Department to be applicable to the proposed loan as they relate to the borrower's ability and willingness to repay and the borrower having required funds for closing. Applicable industry standards may include, but are not limited to, local lending practices, FannieMae and other lending organization standards, and federal and state legal requirements. Statutory/Other Authority: ORS 407.115 & 407.265 Statutes/Other Implemented: ORS 407.115, 407.145, 407.225, 407.265 & 407.325 History: DVA 6-2005, f. & cert. ef. 10-24-05 DVA 6-1997, f. & cert. ef. 10-22-97
274-028-0020 Terms of Veterans’ Home Improvement Loans (1) The veterans' home improvement loan must be placed in the first lien position on the security or be an immediate subsequent lien to an existing ODVA lien. The first ODVA lien and any immediate subsequent lien made on the security by the director shall be deemed collectively as a first lien on the security. (2) The net appraised value will be used as the basis for determining the maximum veterans' home improvement loan subject to statutory limitations. (3) When a veterans' home improvement loan is made on a security with an existing balance owed to the director, the total of the unpaid balance of the existing loan and the veterans' home improvement loan shall not exceed 80 percent of the net appraised value as determined by the director. (4) When a veterans' home improvement loan is made on a property where no balance is owing, the veterans' home improvement loan shall not exceed 97 percent of the net appraised value as determined by the director. If the loan-to-value ratio is greater than 80 percent of the net appraised value, the loan must be insured by mortgage insurance consistent with ORS 407.485. (5) All existing nonamortizing ODVA loans on the security must be reamortized to bring the principal and interest payment and final payment date into conformance with ODVA policy as identified in the Processing Manual. A copy of the manual is on file with the Oregon Department of Veterans' Affairs, 700 Summer Street NE, Salem Oregon, and available to the public Monday through Friday between the hours of 8 a.m. and 5 p.m. All other terms of the existing loan on the security remain unchanged. (6) Depending upon the loan amount, the maximum term of a home improvement loan may not exceed 20 years. Statutory/Other Authority: Ch. 214 OL 1997, ORS 407.205, 407.275 & 407.485 Statutes/Other Implemented: Ch. 214 OL 1997, ORS 407.205, 407.275 & 407.485 History: DVA 11-2003, f. & cert. ef. 9-23-03 DVA 3-2003(Temp), f. & cert. ef. 4-7-03 thru 10-3-03 DVA 6-1997, f. & cert. ef. 10-22-97
274-028-0025 Appraisal of Property An appraisal may be made at the discretion of the director to assist in establishing the net appraised value. A fee will be charged in accordance with OAR 274-020-0440. Statutory/Other Authority: ORS 406.030 & 407.115 Statutes/Other Implemented: ORS 406.030 & 407.115 History: DVA 6-1997, f. & cert. ef. 10-22-97
274-028-0030 Transfer of Ownership (1) The director may declare all veterans’ home improvement loan sums to be immediately due and payable if all or part of the security is sold or otherwise transferred by the borrower to anyone other than those qualified persons identified in ORS 407.275. (2) The director shall be notified in writing by the borrower of any transfer of ownership or right to possess the security, including to those qualified persons identified in ORS 407.275, that is used as security for a home improvement loan with ODVA. (3) The provisions of OAR 274-020-0380(2), (3), (4) and (5) apply to any transfer on a veterans’ home improvement loan. Statutory/Other Authority: Ch. 214 OL 1997, ORS 406.030, 407.115, 407.275, 407.305 & 407.335 Statutes/Other Implemented: Ch. 214 OL 1997 & ORS 407.275 History: DVA 6-1997, f. & cert. ef. 10-22-97