Oregon Administrative Rules › Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS › Division 25 - VETERANS' LOAN PROGRAM 1990 › Section 274-025-0010 - Purpose and Objectives

Current through Register Vol. 63, No. 7, July 1, 2024
This Division 25 is established to administer and enforce ORS
				407.075 through
				407.595.
				Where context allows, the provisions of Divisions 20, 21, and 22, apply equally
				to the loans originated after April 1, 1990. The loans originated under this
				Division 25 are known as the " Veterans' Loan Program 1990" means all ODVA home
				loans originated after April 1, 1990, except financed contract sales of
				Department-owned properties.
(1) As
			 used in this Division 25: (1) "Acquisition" means the purchase of a home.
(2) "Agreement" means the contract
			 between the Department and the approved lender, setting forth the terms and
			 conditions under which program loans made by the approved lender will be
			 purchased by the Department.
(3)
			 "ALTA Mortgagee's Title Insurance" means a title insurance policy issued in
			 American Land Title Insurance form by a title insurer licensed by the State of
			 Oregon
(4) "Approved Lender" means
			 any "Lending Institution" as defined in ORS
			 407.177(8)
			 that has entered into an agreement with the Department to originate residential
			 loans or to act as a conduit for the origination of residential loans that are
			 acceptable to ODVA. In determining whether or not to contract with a Lending
			 Institution, the Department may consider factors including, but not limited to;
(a) The Department's need for additional
			 Approved Lenders, either on a statewide basis or in a specific geographical
			 area.
(b) Whether the Lending
			 Institution has had any complaints filed against it or against any of its
			 employees, agents, officers, Directors, owners, or affiliates through the
			 Consumer and Business Services Department of the State of Oregon, through any
			 other regulatory agency or otherwise.
(c) Whether representatives of the Lending
			 Institution have attended any ODVA-sponsored training.
(d) The reputation of the Lending
			 Institution, including its employees, agents, officers, Directors, owners or
			 affiliates.
(e) The number and
			 experience of Lending Institution employees and other personnel available to
			 originate loans or to act as a conduit for the origination of residential loans
			 acceptable to the Department.
(f)
			 Status and character of the institution's loan policies and
			 procedures.
(g) The financial
			 capability of the Lending Institution to originate loans or to act as a conduit
			 for the origination of loans.
(h)
			 The Lending Institution's qualification as a loan originator that is duly
			 registered with the National Mortgage Licensing Service (NMLS).
(i) Whether the deposits of the Lending
			 Institution are insured by FDIC or some other federal agency or
			 corporation.
(j) The experience,
			 efficiency and performance of the Lending Institution in the area of
			 residential lending and any other area of the Lending Institution's
			 business.
(k) The willingness and
			 commitment of the Lending Institution to accept and to fulfill the terms of a
			 proposed contract with the Department.
(l) The result of any reference checks
			 conducted by the Department.