Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 80 - MORTGAGE CREDIT CERTIFICATE PROGRAM › Section 813-080-0030 - Allocation of Mortgage Credit Certificates

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Under the program, the issuer may issue
			 Mortgage Credit Certificates to eligible borrowers.
(2) An applicant wishing to participate in
			 the program may apply through any lender who is not a related person. The
			 Lender shall sign and agree to the terms of the issuer's Mortgage Credit
			 Certificate Lender Agreement before a Mortgage Credit Certificate will be
			 issued to the eligible borrower.
(3) Mortgage Credit Certificate application
			 shall be made on forms prepared or approved by the issuer. The lender shall
			 provide such forms to prospective applicants and take normal and appropriate
			 measures to verify the information given. The lender shall determine the
			 qualifications of an applicant as an eligible borrower for a Mortgage Credit
			 Certificate.
(4) If the applicant
			 meets the Program requirements, the lender shall obtain a completed and signed
			 Application Affidavit from the applicant. Upon receipt of the signed
			 Application Affidavit, the lender shall place with the issuer a reservation for
			 tax credit authority for that applicant in the manner prescribed by the issuer.
			 The issuer shall issue a letter which confirms that tax credit authority has
			 been reserved, and lists the program requirements the applicant must meet to
			 qualify for the Mortgage Credit Certificate. The lender shall notify the
			 issuer, in writing, of any changes in the information furnished in the letter.
			 The issuer shall issue Mortgage Credit Certificates only to applicants for whom
			 a reservation for tax credit authority has been made, and who, at loan closing,
			 meet the program requirements listed in the letter.
(5) If a lender determines that an applicant
			 does not qualify for a Mortgage Credit Certificate, the lender shall instruct
			 the issuer to cancel that applicant's reservation for tax credit
			 authority.
(6) The lender shall
			 provide to the issuer evidence of closing and other information the issuer may
			 require within ten working days of loan closing unless the issuer approves a
			 later submission upon written request of the lender. Upon review and approval
			 of the information submitted, the issuer shall issue the Mortgage Credit
			 Certificate. If the issuer disapproves issuance of a Mortgage Credit
			 Certificate, the issuer shall cancel that applicant's reservation for tax
			 credit authority and notify the lender immediately of the actions
			 taken.
(7) The issuer may establish
			 reasonable fees in connection with the issuance of a Mortgage Credit
			 Certificate:
(a) The lender shall charge and
			 remit to the issuer a fee of one-half of one percent of the Certified
			 Indebtedness Amount (original loan amount) to cover the issuer's administrative
			 costs of operating the Mortgage Credit Certificate Program. The lender may
			 retain a discretionary fee from the above administrative fee, of up to $50 to
			 cover the administrative costs of processing the Mortgage Credit Certificate
			 package. The fees are non-refundable unless the issuer or lender, on a
			 case-by-case basis, waives all or part of its fee;
(b) The issuer shall charge the borrower a
			 $10 fee for a replacement copy of their Mortgage Credit Certificate;
(c) Applicants may be required to pay other
			 fees which are customarily associated with a mortgage or contract loan provided
			 the fees are usual and reasonable.