reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0330 - Legal Description of Property Offered as Security

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Property offered as security must have an
			 adequate legal description from which the boundaries of the property may be
			 located.
(2) The Director may
			 require a survey to ascertain the boundary lines and location of all permanent
			 improvements on the property.
Stat. Auth.: ORS 406
Stats. Implemented: ORS
				  407.225
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0335 - Appraisal of Property

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An
			 appraisal shall be made to assist in establishing the loan value only after a
			 complete application has been received.
(2) On farms, the loan value allowable on the
			 principal home unit portion of the property shall not exceed the amount needed
			 for a maximum home loan.
Stat. Auth.: ORS
				  406.030, ORS
				  407.115 & ORS
				  407.225(3)
Stats. Implemented: ORS
				  407.115 & ORS
				  407.225
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0340 - Terms of Loan

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 loan value (net appraised value) shall be used as the basis for determining the
			 maximum loan, subject to statutory limitations. Under the provisions of ORS
			 407.225(3), the
			 maximum loan on a home which is real property may not exceed 100 percent of the
			 loan value (net appraised value), but may be a lesser amount as determined from
			 time-to-time by the Director of Veterans' Affairs, (Director):
(a) On farms, the maximum original loan
			 allowable for acquisition of the principal home unit portion of the property
			 shall not exceed the maximum home loan, whether it be for purchase, refinance,
			 construction, improvements, or a combination of these; and the maximum
			 additional loan or advance for improvements to the principal home shall not
			 exceed the difference between the maximum home loan and that portion of the
			 original loan granted on the principal home unit, except advances for
			 protection of security improvements, taxes, and insurance premiums;
(b) Loans shall be made in multiples of
			 $1.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0341 - Interest Rates for Loans

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 The Director will prescribe interest rates for loans to be funded by the
			 Department pursuant to this division. In prescribing interest rates, the
			 Director will consider the following factors:
(a) The current value of funds;
(b) The solvency of the Department's Loan
			 Program; and
(c) The rates' effect
			 on Veterans.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0342 - Interest Rate on Assumptions by Eligible Veterans

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Effective February 3, 1982, a veteran
			 eligible for a loan under ORS
			 407.075 to
			 407.595 and Article XI-A of the
			 Oregon Constitution who assumes a loan, previously made by the Director,
			 assumes at one of the following rates:
(a) If
			 the previous loan was a fixed interest rate loan made to a veteran before May
			 27, 1971, the assumption will be at the fixed rate;
(b) If the previous loan was a variable rate
			 loan made to a veteran on or after May 27, 1971, the assumption will be at the
			 rate of the previous loan, and will remain variable, with the limitation that
			 the rate will not decrease and will not increase more than an additional one
			 percent or exceed the current veteran's rate at the time of transfer;
(c) If the previous loan had been transferred
			 to one other than the original borrower, the surviving spouse, unremarried
			 former spouse, surviving child or stepchild of the original borrower, or other
			 eligible veteran assuming pursuant to ORS
			 407.305, the assumption rate to
			 the veteran will be at the rate of the transferred loan, and will not become
			 variable until a subsequent transfer.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0343 - Interest Rates on Loans Secured by Property Transferred to Non-Veterans

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Effective
			 February 3, 1982, the interest rate on all loans secured by property
			 transferred before February 3, 1982 will not change on the first transfer on or
			 after February 3, 1982, but on any subsequent transfer the interest rate will
			 be as provided by this rule and will be variable, with the limitation that the
			 rate will not decrease and will not increase more than an additional one
			 percent, except as provided under ORS
			 407.335(4).
(2) Subject to the conditions and limitations
			 of section (1) of this rule, the interest rate on real property loans, when the
			 property securing the loan is transferred to someone other than those entitled
			 to the veteran's interest rate, shall be:
(a)
			 Through August 21, 1969, 5 percent;
(b) Effective August 22, 1969, 6.2
			 percent;
(c) Effective September 4,
			 1969, 7.9 percent;
(d) Effective
			 December 10, 1969, 8.1 percent;
(e)
			 Effective April 8, 1970, 7.8percent;
(f) Effective August 19, 1970, 7.4
			 percent;
(g) Effective January 6,
			 1971, 6.4 percent;
(h) Effective
			 May 27, 1971, 7 percent;
(i)
			 Effective June 1, 1977, 8 percent;
(j) Effective December 1, 1977, 8.8
			 percent;
(k) Effective December 1,
			 1978, 9.8 percent;
(l) Effective
			 December 1, 1979, 11 percent;
(m)
			 Effective December 1, 1980, 13 percent;
(n) Effective December 1, 1981, 17
			 percent;
(o) Effective February 3,
			 1982, 12 percent;
(p) Effective
			 October 15, 1982, 11.5 percent;
(q)
			 Effective January 1, 1985, 11.52percent;
(r) Effective January 1, 1986, 9.86 percent,
			 or one percent higher than the rate on the original note, whichever is higher.
			 "The rate on the original note" shall be the rate stated as such on the
			 note;
(s) Effective January 1,
			 1987, 8.59 percent, or one percent higher than the rate on the original note,
			 whichever is higher;
(t) Effective
			 September 1, 1987, 10.75 percent, or the rate existing on the loan immediately
			 prior to the transfer, whichever is higher.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0344 - Fixed Interest Rate

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Subject to the provisions of this rule, effective June 1, 1989, borrowers with
			 ODVA loans being charged 7.2 percent variable interest may convert the loan to
			 a fixed interest rate.
(2) Subject
			 to the provisions of this rule, effective February 1, 1990, borrowers with ODVA
			 loans being charged 7.7 percent variable interest may convert the loan to a
			 fixed interest rate.
(3) The
			 following loans do not qualify for the interest rate conversion:
(a) Accounts with 12 or less monthly
			 payments, or one annual payment remaining before the loan will be paid in
			 full;
(b) Accounts of borrowers in
			 bankruptcy;
(c) Accounts in
			 foreclosure;
(d) Accounts two or
			 more months delinquent;
(e)
			 Accounts coded as questionable loans (propriety of loan being
			 investigated);
(f) Loans, any
			 portion of which is being charged an interest rate other than 7.2 percent or
			 7.7 percent (composite interest rate).
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0345 - Approval of the Loan

Current through Register Vol. 63, No. 7, July 1, 2024
The approval of any loan shall be dependent upon the
				following:
(1) The veteran applicant
			 must meet current industry standards determined by the Department to be
			 applicable to the proposed loan. Applicable industry standards may include, but
			 are not limited to:
(a) Local lending
			 practices;
(b) FannieMae and other
			 lending organization standards; and
(c) Federal and state legal
			 requirements.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0348 - Grounds for Refusing to Make a Loan

Current through Register Vol. 63, No. 7, July 1, 2024
The Director may refuse to make a loan to an applicant based on
				any of the following reasons:
(1)
			 Prior loan experience with an applicant was unsatisfactory, including, but not
			 limited to, late payment or nonpayment on loan and impairment of
			 security.
(2) The applicant did not
			 disclose all debts or obligations as required under the terms of the loan
			 credit application.
(3) The
			 applicant has a negative cash flow.
(4) The applicant has declared bankruptcy
			 within the last three years unless:
(a) The
			 applicant or the applicant's spouse has been regularly employed, other than
			 self-employed, since the discharge;
(b) The applicant has established credit
			 since the bankruptcy and made timely and satisfactory payments on obligations;
			 and
(c) The bankruptcy was caused
			 by circumstances beyond the applicant's control, such as uninsured medical
			 expense, layoff, strike, or divorce.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0349 - Loan Funding

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Funding by Oregon Department of Veterans' Affairs (ODVA) of any loan is subject
			 to the discretion of the Director of Veterans' Affairs. In determining whether
			 or not to fund any loan, the director may consider factors, including, but not
			 limited to the following:
(a) actual or
			 projected cost of funds;
(b) any
			 applicable federal tax or other law;
(c) availability and source of lendable
			 funds;
(d) actual or projected
			 conventional mortgage rates;
(e)
			 actual or projected loan demand;
(f) loan purpose;
(g) eligibility of applicant;
(h) credit worthiness of applicant;
(i) adequacy of security for the
			 loan.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0350 - Evidence of Title

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 veteran shall furnish at his expense a mortgagee's title policy for the amount
			 of the loan, a title company lien search, or a certificate of title.
(2) The title policy, or other reports, shall
			 show that the state has a first lien except in the case of:
(a) Property taxes not payable;
(b) A lien of a bonded irrigation or drainage
			 district, in which case all due assessments must be paid;
(c) A public improvement lien, bonded or
			 being collected by the County Tax Collector in which case all due assessments
			 must be paid;
(d) A lien for
			 Reclamation Service of the United States Government, in which case all due
			 assessments must be paid;
(e) A
			 Mortgagee's Title Insurance policy insuring the state against loss from any
			 prior encumbrance, but the encumbrance must be acceptable to the veteran
			 mortgagor.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0355 - Escrow Closing of Loans

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 All loans made by the Director of Veterans' Affairs (except for protection of
			 security loans) shall be closed by persons or firms licensed to engage in the
			 escrow business 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. This rule shall be effective on all loan applications received after May
			 31, 1984:
(a) The types of loans requiring
			 escrow closing are:
(A) Original;
(B) Additional;
(C) Dual (Loans having notes with different
			 due dates);
(D) Assumption of
			 existing.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0360 - Disbursement of Loan Funds

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 When a veteran is purchasing or refinancing, the loan funds may be disbursed
			 when the loan is closed.
(2) When
			 construction is involved and the property complies with the definition of a
			 home, the loan funds may be disbursed after the loan is closed, but
			 disbursement is limited to the maximum percentage permitted by statute of the
			 net appraised value.
Statutory/Other Authority: ORS
				  406.005  & 407.115
Statutes/Other Implemented: ORS
				  407.075  to
				  407.385;
				  Oregon Constitution Article XI-A, Section 3
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0375 - Lost, Stolen, or Destroyed Warrants or Checks

Current through Register Vol. 63, No. 7, July 1, 2024
If loan proceeds in the form of a warrant or check issued by
				the Director are lost, stolen, or destroyed before negotiation, the payee may
				obtain payment by filing with the Director evidence that value has not been
				received.
Stat. Auth.: ORS 406
Stats. Implemented: ORS
				  407.115 &
				  407.495
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0380 - Transfer of Ownership

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 director shall be notified in writing of any transfer of ownership or the right
			 to possess property that is used as security for a loan with the Oregon
			 Department of Veterans' Affairs (ODVA).
(2) The interest rate on any outstanding
			 obligation will be adjusted at the time of the transfer as provided by ORS
			 407.335.
(3) The following are conditions which
			 constitute a transfer of an ownership interest or the right to possess the loan
			 security:
(a) A borrower takes title to the
			 property with a person other than his or her legal spouse;
(b) Contract of sale;
(c) Any deed transfer;
(d) Any other indenture that purports to
			 convey or transfer any portion of equitable title except for the following:
(A) Deed to create a life estate retained by
			 the eligible veteran mortgagor; or
(B) Deed to a government entity for public
			 use as noted in ORS 407.275(2).
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0381 - Rental

Current through Register Vol. 63, No. 7, July 1, 2024
The Director may approve the rental of a security, defined as a
				first lien interest of a home or farm, that has been occupied by the veteran as
				long as the rental shall not affect the tax exempt status of bonds issued by
				the Department. The Director, when determining whether to approve the rental of
				a home or farm that serves as security for a Department Loan, may consider the
				following factors including but not limited to the following:
(1) The effect on the tax-exempt status of
			 bonds issued under Article XI-A of the Oregon Constitution.
(2) Whether the home or farm was and is
			 appropriately used as the principal residence of the borrower(s).
(3) The financial integrity of the loan
			 program.
(4) Any potential decrease
			 in the value of the security.
(5)
			 The impact on remedies available under the loan documents.
(6) Whether or not there has been or will be
			 any material change in the borrower's/spouse's employment.
(7) The dissolution or annulment of the
			 borrower's marriage.
(8) A
			 significant geographical relocation by the borrower.
(9) Any unusual hardship for the borrower(s).
(10) The borrower(s) ability to
			 maintain the home or farm as his or her principal
			 residence.
Stat. Auth.: ORS
				  406.030, ORS
				  407.115, & ORS
				  407.385
Stats. Implemented:
				  407.385
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0382 - Interest Rate Payable When Property Transferred Back to Original Borrower

Current through Register Vol. 63, No. 7, July 1, 2024
The interest rate on a loan secured by property transferred
				back to the original borrower depends upon whether the original borrower has an
				outstanding loan, with the interest rate under ORS
				407.325 (Rate of Interest
				Payable by Applicant) at the time of the transfer, and whether the home will be
				used as the original borrower's principal residence:
(1) If the original borrower does not have an
			 outstanding loan with the interest rate under ORS
			 407.325 at the time of the
			 transfer, and the home will be used as the original borrower's principal
			 residence, the interest rate will be the rate charged on the loan when made and
			 as periodically adjusted under the "variable" provision of ORS
			 407.325.
(2) If the original borrower has an
			 outstanding loan with the interest rate under ORS
			 407.325 at the time of the
			 transfer, or said borrower will not use the home as the borrower's principal
			 residence, the interest rate will be the rate under ORS
			 407.335 (Rate of Interest
			 Payable by Transferee).
Stat. Auth.: ORS 406 & ORS 407
Stats. Implemented: ORS
				  407.275, ORS
				  407.325 & ORS
				  407.335
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0385 - Modification of Mortgage

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 request for modification of a mortgage must be made in writing by the
			 borrower.
(2) The borrower and the
			 Director shall agree in writing to the terms of the modification, and it shall
			 be recorded in the mortgage records in the county where the security is
			 located.
Stat. Auth.: ORS 406
Stats. Implemented: ORS
				  407.115 & ORS
				  407.155
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0386 - Temporary Reduction of Payments

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In the event a veteran is unable to make
			 required loan payments due to loss of income because of illness, injury, death,
			 involuntary job loss, or economic stress due to factors beyond the veteran's
			 control, the veteran may apply for a temporary reduction of payments, provided
			 that:
(a) The veteran is the original borrower
			 or one who assumed the loan pursuant to ORS
			 407.305 (formerly
			 407.063);
(b) The veteran is residing in the property
			 used as security for the loan at the time he or she requests the payment
			 reduction;
(c) The veteran must
			 request the loan reduction by writing to the Director of Veterans' Affairs, c/o
			 Collection Unit, 700 Summer Street, N.E., Salem, OR 97310. The written request
			 must contain a statement describing the reason for the request, current income,
			 source of income, and must be accompanied by a copy of the veteran's previous
			 two years' federal income tax returns;
(d) The veteran must furnish any other
			 documentation requested by the director relating to the reason for
			 request.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0387 - Reamortization of Loans

Current through Register Vol. 63, No. 7, July 1, 2024
The Director of Veterans' Affairs may adjust payments and other
				terms of the loan under the following conditions:
(1) Tax adjustments.
(2) A change in the interest rate.
(3) A change in the insurance
			 premiums.
(4) Errors or omissions
			 on the operative loan documents.
(5) When the balance of the loan will not
			 amortize within the terms of the security document.
(6) Any expenditure or advance of funds as
			 provided under ORS 407.135 (formerly
			 407.080),
			 407.145(2)
			 (formerly 407.090(2)),
			 and the security document.
Stat. Auth.: ORS 406 & 407
Stats. Implemented: ORS
				  407.095,
				  407.135 &
				  407.145
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0388 - Property Tax Amortization and Escrow Accounting

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Except as otherwise provided herein,
			 payments required on all loans shall include an amount, which represents
			 advances, for taxes paid by the Director of Veterans' Affairs (Director) on the
			 security:
(a) The amounts shall be determined
			 each year by dividing the amount advanced by the number of loan payments due
			 during the year, increased to the next whole dollar;
(b) The amounts so determined shall be added
			 to and become part of the loan payment unless full payment of the advance is
			 made pursuant to subsection (c) or (d) of this section;
(c) As soon as possible after taxes are paid
			 on November 15th of each year, the Director may notify each borrower by mail of
			 the amount of the tax advance. If full payment of the tax advance is made to
			 the Director, the amount determined in subsection (a) of this section shall be
			 deleted from the loan payments. Upon such payment the borrower shall be
			 credited with prior loan payments made to the extent of the amounts contained
			 therein that represent repayment of the tax advance;
(d) If for any reason the taxes cannot be
			 paid on November 15th, the Director will send the notice as provided in
			 subsection (c) of this section as soon as possible after the taxes are
			 paid;
(e) Effective with taxes paid
			 in November of 1990 (1990-91 taxes) through November of 2003 (2003-2004 taxes),
			 the Director generally did not advance funds for the payment of taxes on
			 property that was security for a loan being charged less than seven percent
			 interest unless an escrow account had been established on the loan for the
			 payment of taxes. The interest rate charged was the "loan rate" or "composite
			 rate" where more than one loan (with different interest rates) is secured by
			 the property;
(f) Effective with
			 taxes (including delinquent taxes) to be paid in November of 2004 (2004-2005
			 taxes), the Director may approve a borrower's request to advance funds for the
			 payment of taxes on property that is security for a loan unless an escrow
			 account had been established on the loan for the payment of taxes. The interest
			 rate being charged is the "loan rate" or "composite rate" where more than one
			 loan (with different interest rates) is secured by the property;
(g) Notwithstanding the provisions of
			 subsection (1)(e) and (1)(f) of this rule, the Director may advance funds for
			 the payment of taxes on property that is security for a loan under the
			 provisions of the Servicemembers Civil Relief Act. In addition, the Director
			 may advance funds to pay property taxes if sufficient funds are not available
			 in the escrow account, by overdrawing the escrow account balance.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0391 - Discount for Early Payoff

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 The balance on some loans and contracts may be discounted in consideration of
			 the loan or contract being paid in full before its final payment date. The
			 amount of the discount will be based upon a mathematical computation which uses
			 a discount rate to compute the present value of the remaining scheduled payment
			 stream of the loan or contract being considered for discount. The discounted
			 amount may be further limited by a percentage based calculation determined by
			 the Director. The Director will periodically fix the discount rate and the
			 percentage based calculation, if any, taking into consideration:
(a) Market conditions (reinvestment
			 opportunities);
(b) Financial
			 statement conditions (health of programs);
(c) Cash flow conditions;
(d) Balance and term of the loan or contract
			 being considered for discount.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0395 - Partial Release of Security

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A partial release of security may be
			 granted when the borrower or the contract purchaser of a State-owned property
			 submits a complete application for one and the Director determines that
			 granting the requested release would not jeopardize the Department of Veterans'
			 Affairs' security position.
(2) The
			 remaining property must qualify as security for the loan or contract balance
			 under the provisions of ORS
			 407.225(3) and
			 OAR 274-020-0325  to 274-020-0340.
(3) Notwithstanding compliance with section
			 (2) of this rule, the Director may require that the loan or contract balance be
			 reduced as consideration for granting the requested release.
Stat. Auth.: ORS 406 & ORS 407
Stats. Implemented: ORS
				  407.115 & ORS
				  407.155
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0405 - Confidential Nature of Information Submitted by the Borrower

Current through Register Vol. 63, No. 7, July 1, 2024
Information submitted by the veteran in support of his
				application shall be considered confidential and shall not be disclosed to
				persons outside the department, unless permission is given by the veteran to
				release the information, or the information is requested by a public agency in
				the exercise of its official duty and only then at the discretion of the
				Director.
Stat. Auth.: ORS 406
Stats. Implemented: ORS
				  407.181 & ORS
				  407.201
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0410 - Confidential Nature of Information Procured by the Director

Current through Register Vol. 63, No. 7, July 1, 2024
Information secured by the Director in connection with a
				veteran's application for a loan shall be considered confidential and shall not
				be disclosed to persons outside the employ of the department, unless such
				information is requested by a public agency in the exercise of its official
				duty, and only then the release shall be at the discretion of the
				Director.
Stat. Auth.: ORS 406
Stats. Implemented: ORS 192, ORS
				  406.030, ORS
				  407.115, ORS
				  407.181 & ORS
				  407.201
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0411 - Disclosure of Information and Fees

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Information in the custody of the
			 Director of Veterans' Affairs (director) will be disclosed, or protected from
			 disclosure, consistent with the provisions of ORS Chapter 192.
(2) Requests for information can be made
			 verbally, but the director reserves the right to require the request to be in
			 writing, signed and dated, naming or describing the information desired and the
			 date the information is needed. A reasonable period of time must be allowed for
			 the custodian of the records to locate and assemble the requested information.
			 Restrictions may be placed upon where the information will be delivered or made
			 available for inspection. The director shall designate a staff employee to be
			 the department's records custodian, whose function is to perform the duties
			 necessary to manage the department's records in accordance with all applicable
			 laws. These duties may include, but are not limited to, certifying records to
			 be true copies of the original documents on file in the custody of the
			 director.
(3) Mailing lists of
			 Oregon Department of Veterans' Affairs (ODVA) active account holders, and Vets
			 News recipients, may be made available upon payment of the required fee. The
			 mailing lists will not contain the names of persons who submit a written
			 request for deletion of their name from the list on the basis that such
			 disclosure would constitute an unreasonable invasion of privacy.
(4) The following information will not be
			 disclosed except pursuant to an order issued by the director or by the Attorney
			 General of the State of Oregon:
(a) Internal
			 communications of an advisory nature preliminary to any final agency
			 determination of policy or action;
(b) The name of a confidential informant or
			 information submitted to the department in confidence where submission of the
			 information was not required and the department has obliged itself in good
			 faith not to disclose the information.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0420 - Director's Decisions Control in All Controversies

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Director shall make all
			 determinations as to the applicant's eligibility for a loan.
(2) The Director shall make all
			 determinations, based upon data and information in the file, as to whether the
			 property offered is acceptable security and whether or not a loan shall be
			 made.
(3) The Director's decision
			 shall be final in all matters pertaining to eligibility and the making of a
			 loan.
Stat. Auth.: ORS 406
Stats. Implemented: ORS
				  406.030, ORS
				  407.115, ORS
				  407.125 & ORS
				  407.225
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0421 - Review of Loan Determinations and Other Decisions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Any person adversely affected by a
			 decision of a DVA official may write a letter of complaint to the Director. The
			 Director or other designated official shall prepare and deposit in the ordinary
			 mail, or personally deliver, a written response within 30 days of receipt of
			 the written complaint.
(2) If the
			 Director, or other designated official supports the decision, a request may be
			 made for an informal hearing with a designated official at the Salem Central
			 Office of the DVA.
(3) A request
			 for an informal hearing shall be addressed to the Director and shall state the
			 nature of the adverse decision, the date of and the person making the decision,
			 and how the person requesting the hearing is adversely affected. A request for
			 an informal hearing must be received by the Director within 60 days of the date
			 of mailing or personal delivery of the response, provided for by section (1) of
			 this rule. If no letter of complaint was ever written, the requirement for a
			 letter of complaint may be waived, and the request for an informal hearing
			 considered if the request is received by the Director within 90 days of the
			 date of the decision leading to the request for an informal hearing. Unless
			 ODVA received written notice of a complaint, the right to a hearing (both
			 informal and contested) shall expire 90 days after the date the complainant had
			 actual knowledge of, or by the exercise of due care would have had knowledge
			 of, the occurrence in dispute.
(4)
			 Within 30 days from receipt of a request for an informal hearing, the Director
			 shall, by mail, notify the person making the request of the action taken on the
			 request which may be:
(a) Designating an
			 official to conduct an informal hearing;
(b) Reversing or modifying the adverse
			 decision;
(c) Denying the
			 request.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0430 - Effect

Current through Register Vol. 63, No. 7, July 1, 2024
These rules and regulations shall have the effect of law and
				shall be binding in all instances on persons making application for a loan
				under Article XI-A of the Oregon Constitution and ORS
				407.075 to
				407.595, but if any part of the
				regulations are found to be void or illegal, the illegality shall not affect
				the remaining provisions of the rules and regulations.
Stat. Auth.: ORS 406
Stats. Implemented: ORS 406 & 407
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0440 - Fees

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Department
			 charges fees as provided in section (3) of this rule for the following
			 processes:
(a) New Loan.
(b) Assumption of a loan by and eligible
			 veteran.
(c) Transfer of
			 Ownership.
(d) Partial Release,
			 Easement, and Modification of Mortgage.
(e) Timber Release.
(f) Firewood Release.
(g) Purchase of State-Owned
			 Property.
(h) Dishonored
			 Check.
(i) Reissue of Stale, Lost,
			 Destroyed or Missing Document.
(j)
			 Mineral Rights and Geothermal Resource Rights Release.
(k) Borrower requests to cancel private
			 mortgage insurance.
(l) Dishonored
			 Electronic Funds Transfer.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0445 - Assumption of Loan by Eligible Veteran

Current through Register Vol. 63, No. 7, July 1, 2024
When a veteran who is eligible to assume a loan under the
				provisions of ORS 407.305 seeks to acquire
				property and wishes to assume liability on the loan, the Director of Veterans'
				Affairs will approve the assumption subject to the following conditions:
(1) The applicant must submit the same
			 evidence of eligibility and the same application as if an application were
			 being submitted for a loan.
(2) The
			 provisions of ORS 407.225(3) do
			 not apply except when additional funds are being requested. If additional funds
			 are not being requested, the applicant may be permitted to assume a loan with a
			 balance in excess of 97 percent of the appraised value on homes which are real
			 property, 85 percent of the appraised value on homes which are not real
			 property, and 90 percent of the appraised value on farms.
(3) Notwithstanding the provisions of OAR
			 274-20-440, if additional funds are not being requested, an appraisal fee will
			 not be collected by the director, and no appraisal of the property will be
			 made. If additional funds are being requested, the provisions of ORS
			 407.225(3) and
			 OAR 274-20-440 shall apply, and an appraisal of the property will be
			 made.
Stat. Auth.: ORS
				  406.030,
				  407.115,
				  407.225,
				  407.275 &
				  407.305
Stats. Implemented: Ch. 238 OL 1995, ORS
				  407.225 &
				  407.275
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 20 - VETERANS' LOANS › Section 274-020-0450 - Due on Sale

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Stat. Auth.: ORS 406 & ORS 407
Stats. Implemented: ORS
				  407.335
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 21 - FORECLOSED AND DEEDED PROPERTY › Section 274-021-0005 - Foreclosed and Deeded Property

Current through Register Vol. 63, No. 7, July 1, 2024
(1) When the Department sells a property
			 acquired under ORS
			 407.135 and
			 407.145(1),
			 the sale will be conducted under the provisions in ORS
			 407.375 and the following terms:
(a) The Department
			 must first offer the property by sealed bid.
(b) The Department must advertise and give
			 notice of the sale of the property in the local newspaper. at least once during
			 the 15 days prior to the bid opening.
(c) The notice shall advise prospective
			 buyers of the following:
(A) Of all the
			 bidders who are veterans for a home loan, the veteran who submits the highest
			 bid shall be given the opportunity to purchase the property for the amount of a
			 higher bid submitted by a person who is not a veteran and must submit a
			 matching bid in writing no later than 5:00 p.m. on the date and at the place
			 specified in the notification;
(B)
			 The opportunity to submit a matching bid is only available to a veteran
			 purchasing the property solely in his or her own name, or with a lawful
			 spouse;
(C) If the highest bid by a
			 non-veteran is not matched by an eligible veteran, the highest bid will be
			 accepted; and
(D) State the minimum
			 bid that will be accepted.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 21 - FORECLOSED AND DEEDED PROPERTY › Section 274-021-0010 - Escrow Closings of Contract Sales

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 21 - FORECLOSED AND DEEDED PROPERTY › Section 274-021-0015 - Mineral Rights and Geothermal Resource Rights

Current through Register Vol. 63, No. 7, July 1, 2024
(1) As used in this rule "mineral" means oil,
			 gas, sulfur, coal, gold, silver, copper, lead, cinnabar, iron, manganese and
			 other metallic ore, and any other solid, liquid or gaseous material or
			 substance excavated or otherwise developed for commercial, industrial or
			 construction use from natural deposits, including mineral waters of all kinds.
			 (This is the same definition as used in ORS
			 273.775.) As used in this rule
			 "mineral" includes sand and gravel.
(2) As used in this rule "geothermal
			 resource" means the natural heat of the earth, the energy, in whatever form
			 below the surface of the earth present in, resulting from, or created by, or
			 which may be extracted from, the natural heat, and all minerals in solution or
			 other products obtained from naturally heated fluids, brines, associated gases,
			 and steam, in whatever form, found below the surface of the earth, exclusive of
			 helium or of oil, hydrocarbon gas or other hydrocarbon substances, but
			 including, specifically:
(a) All products of
			 geothermal processes, embracing indigenous steam, hot water and hot
			 brines;
(b) Steam and other gases,
			 hot water and hot brines resulting from water, gas, or other fluids
			 artificially introduced into geothermal formations;
(c) Heat or other associated energy found in
			 geothermal formations; and
(d) Any
			 by-product derived from them. (This is the same definition as used in ORS
			 522.005.)
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 21 - FORECLOSED AND DEEDED PROPERTY › Section 274-021-0020 - Forcible Entry and Wrongful Detainer

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat. Auth.: ORS
				  105.130(5),
				  406.030 &
				  407.115
Stats. Implemented: ORS
				  407.115,
				  407.135 &
				  407.145
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 22 - PROCUREMENT OF BENEFITS › Section 274-022-0005 - Loan Cancellation Life Insurance

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 25 - VETERANS' LOAN PROGRAM 1990 › Section 274-025-0020 - Approved Lenders

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 25 - VETERANS' LOAN PROGRAM 1990 › Section 274-025-0030 - Loan Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Stat. Auth.: ORS
				  406.030,
				  407.115,
				  407.177,
				  407.179 &
				  407.181
Stats.
				  Implemented:
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 25 - VETERANS' LOAN PROGRAM 1990 › Section 274-025-0040 - Reservations of Funds and Commitments

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 25 - VETERANS' LOAN PROGRAM 1990 › Section 274-025-0050 - Title Insurance

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat. Auth.: ORS
				  406.030, ORS
				  407.115, ORS
				  407.177, ORS
				  407.179& ORS
				  407.181
Stats. Implemented: ORS
				  407.115, ORS
				  407.177, ORS
				  407.179 & ORS
				  407.181