reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 855 - LICENSING EXEMPTIONS FOR MORTGAGE BANKERS AND MORTGAGE BROKERS › Section 441-855-0114 - Limited Liability Companies Holding Mortgages, Deeds of Trust or Other Consensual Security Interests

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 limited liability company whose member claims an exemption from licensing as a
			 mortgage loan originator under ORS
			 86A.203(2)(d)
			 is exempt from licensing with the Director of the Department of Consumer and
			 Business Services as a mortgage banker or mortgage broker, if the limited
			 liability company:
(a) Limits membership in
			 the limited liability company to the individual or of the individual and the
			 individual,s spouse, children, siblings, parents, grandparents, grandchildren
			 or other relatives who are related to the individual by law, marriage or legal
			 adoption.
(b) Treats any
			 mortgages, deeds of trust or equivalent consensual security interests secured
			 by properties owned by the limited liability company or any of its members as
			 included when determining if the limited liability complies with this rule, or
			 if the individual complies with ORS
			 86A.203(2)(d).
			 In no case may a limited liability company exempt under this rule, or
			 individual members collectively, hold more than eight mortgages, deeds of trust
			 or equivalent consensual security interests secured by properties the limited
			 liability company owns while claiming the exemption in this rule.
(c)
(A)
			 Discloses to the Director of the Department of Consumer and Business Services
			 all members of the limited liability company, all the interests the members
			 hold in other limited liability companies that are exempt under this rule, and
			 all the properties owned by the limited liability company securing mortgages,
			 deeds of trust or other consensual security interests made by the limited
			 liability company or by its members.
(B) The limited liability company shall
			 submit an updated disclosure within 30 days of a change of control or ownership
			 of the limited liability company.
(C) The director may request mortgage loan
			 documents in order to assist the director in making a determination under this
			 section.
(d) Certifies
			 that all of the members subject to subsection (c) of this section otherwise
			 meet the requisite findings as a mortgage loan originator under ORS
			 86A.212(b), (c) and
			 (d).
(e) Does not advertise or otherwise hold
			 itself out as being engaged in the activities of a mortgage banker or mortgage
			 broker.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 860 - LICENSING OF MORTGAGE BANKERS AND MORTGAGE BROKERS › Section 441-860-0020 - Application Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
Each person applying for a mortgage banker or mortgage broker
				license shall submit to the director all the following required application
				materials and information:
(1) A
			 completed Form MU1 submitted through the Nationwide Mortgage Licensing System
			 and Registry and approved by the director.
(2) A completed Form MU2 submitted through
			 the Nationwide Mortgage Licensing System and Registry and approved by the
			 director for any individual that acts as a control person for the mortgage
			 banker or mortgage broker.
(3)
(a) A corporate surety bond submitted through
			 the Nationwide Mortgage Licensing System and Registry that meets specified
			 terms calculated using the appropriate loan volume amounts under OAR
			 441-860-0085  if the applicant acts as the applicant's sole mortgage loan
			 originator or employs a mortgage loan originator; or
(b) A corporate surety bond submitted through
			 the Nationwide Mortgage Licensing System and Registry that meets specified
			 terms calculated using the appropriate loan volume amounts under OAR
			 441-860-0090; or
(c) An
			 irrevocable letter of credit filed with the director that meets specified terms
			 calculated using the appropriate loan volume amounts under OAR 441-860-0090  if
			 the applicant is a mortgage banker and the applicant is either not a mortgage
			 loan originator or the applicant is not required to employ a mortgage loan
			 originator.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 860 - LICENSING OF MORTGAGE BANKERS AND MORTGAGE BROKERS › Section 441-860-0021 - Biographical Information Required for Mortgage Banker or Mortgage Broker License Application

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Each of
			 the following persons listed in section (2) of this rule shall submit a Form
			 MU2 to the director through the Nationwide Mortgage Licensing System and
			 Registry.
(2) This rule applies to:
(A) Any director, officer, and a shareholder
			 with a direct or indirect ownership of greater than or equal to ten percent of
			 outstanding shares of a corporate applicant;
(B) The owner, if the applicant is an
			 unincorporated sole proprietorship;
(C) Each managing partner of a limited
			 partnership or a partner in a general partnership with a partnership interest
			 greater than or equal to ten percent of the total partnership interests in the
			 general or limited partnership;
(D)
			 A member or managing member in a limited liability company with an ownership
			 interest greater than or equal to ten percent of the total membership interests
			 in the limited liability company; and
(E) The person identified in ORS
			 86A.106(2) as
			 having the requisite experience in the mortgage business, negotiating loans in
			 a related business satisfactory to the director, or lending experience in a
			 related business satisfactory to the director.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 860 - LICENSING OF MORTGAGE BANKERS AND MORTGAGE BROKERS › Section 441-860-0024 - Deficiencies in Mortgage Banker or Mortgage Broker License Application

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If an
			 applicant, a mortgage banker or a mortgage broker submits an application,
			 filing or amendment which is incomplete in any respect, the director shall
			 notify the applicant of the deficiencies through the National Mortgage
			 Licensing System. The applicant, the mortgage banker or the mortgage broker
			 shall correct a deficiency associated with an application, filing or amendment
			 within 30 days of being notified through the Nationwide Mortgage Licensing
			 System and Registry that the director placed a deficiency on the person's
			 application, filing or amendment. A challenge submitted to the Nationwide
			 Mortgage Licensing System and Registry as set out in OAR 441-850-0050  shall
			 halt the 30-day period of time for correcting deficiencies for the duration of
			 the challenge process.
(2) If the
			 applicant fails to complete the application or respond to deficiencies within
			 30 days, the application will be considered abandoned. Any fees paid by the
			 applicant under OAR 441-860-0101  will not be refunded due to abandonment. An
			 applicant whose application is abandoned under this rule may reapply to obtain
			 a mortgage banker or mortgage broker license.
Stat. Auth.: ORS
				  86A.106,
				  86A.109,
				  86A.212
Stats. Implemented: ORS
				  86A.103,
				  86A.106,
				  86A.212
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 860 - LICENSING OF MORTGAGE BANKERS AND MORTGAGE BROKERS › Section 441-860-0025 - Rules for Use of Assumed Business Names

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In addition to any requirements for
			 registering an assumed business name with the Secretary of State, a mortgage
			 banker or mortgage broker who intends to use an assumed business name to
			 identify the person's mortgage banker or mortgage broker business shall also
			 comply with the following before doing business under the assumed business
			 name:
(a) If the assumed business name
			 contains words or phrases described in ORS
			 56.023, the mortgage banker or
			 mortgage broker must obtain specific written approval from the director under
			 ORS 705.635 and OAR 441-005-0010.
(b) The assumed business name must
			 be placed upon any client trust account maintained by the mortgage banker or
			 mortgage broker.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 860 - LICENSING OF MORTGAGE BANKERS AND MORTGAGE BROKERS › Section 441-860-0030 - Branch Office Licensing

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If a
			 mortgage banker or mortgage broker intends to operate a branch office, the
			 mortgage banker or mortgage broker shall obtain a license for the branch office
			 prior to originating loans from the branch office by submitting the licensing
			 fee specified in OAR 441-860-0101  and submitting a Form MU3 to the Nationwide
			 Multistate Licensing System (NMLS).
(2) Upon satisfaction of the requirements
			 listed in section (1), the director shall issue a separate branch office
			 license.
(3) A licensed mortgage
			 loan originator may originate loans from a location other than from a licensed
			 branch office if the location is the licensed mortgage loan originator's home;
			 the licensed mortgage loan originator is an employee of a mortgage banker or
			 mortgage broker; and the mortgage banker or the mortgage broker complies with
			 OAR 441-860-0040, as applicable.
(4) If a mortgage banker or mortgage broker
			 intends to allow a licensed mortgage loan originator to originate loans from
			 the licensed loan originator's home, the mortgage banker or mortgage broker
			 shall:
(a) Have appropriate policies and
			 procedures in place to supervise the activities of loan originators and
			 employees working from home including, but not limited to, data security
			 measures to protect consumers' personal information and compliance with OAR
			 441-860-0040.
(b) Upload a copy of
			 the policies and procedures required by subsection (a) of this section to the
			 NMLS to Document Uploads under Company Staffing and Internal
			 Policies.
(c) Ensure that all
			 underlying origination records can be made available at a licensed location in
			 the United States.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 860 - LICENSING OF MORTGAGE BANKERS AND MORTGAGE BROKERS › Section 441-860-0045 - State Criminal Records Check

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In addition to the criminal records check
			 required for submission to the National Mortgage Licensing System and Registry
			 under 2009 Or Laws ch. 863, ¦¦ 4 and 10, a mortgage banker or
			 mortgage broker must conduct a state criminal records check of each individual
			 employed by the mortgage banker or mortgage broker as a mortgage loan
			 originator.
(a) The mortgage banker or
			 mortgage broker shall search state records of all states where the individual
			 has resided in the past 10 years using the person's full legal name, date of
			 birth, place of birth and Social Security number.
(b) The mortgage banker or mortgage broker
			 must use the services of law enforcement agencies or an independent private
			 company that complies with the federal Fair Credit Reporting Act to conduct the
			 state criminal records check.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 860 - LICENSING OF MORTGAGE BANKERS AND MORTGAGE BROKERS › Section 441-860-0050 - Renewal of Mortgage Banker and Mortgage Broker License

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A mortgage banker or a mortgage broker
			 license shall expire on December 31 of each calendar year. At least 30 days
			 prior to the expiration of a mortgage banker or mortgage broker license, the
			 mortgage banker or the mortgage broker shall submit a renewal request for the
			 license to the director through the Nationwide Mortgage Licensing System and
			 Registry and shall:
(a) Complete a renewal
			 request with an attestation that the records are true and accurate; and
(b) Pay any applicable renewal
			 fees prescribed under OAR 441-860-0101.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 860 - LICENSING OF MORTGAGE BANKERS AND MORTGAGE BROKERS › Section 441-860-0060 - Equivalent and Related Experience

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An applicant or an applicant's control
			 person who has experience in the following categories shall be given full
			 credit for such experience toward meeting the experience requirement under ORS
			 86A.106:
(a) Origination of loans secured by lien
			 interests in real estate;
(b)
			 Negotiation of loans secured by lien interests in real estate;
(c) Underwriting of loans secured by lien
			 interests in real estate; or
(d)
			 Persons who supervise the activities of those persons enumerated in subsections
			 (a) through (c) of this section.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 860 - LICENSING OF MORTGAGE BANKERS AND MORTGAGE BROKERS › Section 441-860-0080 - Failure to Continually Satisfy Experience Requirement

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If a mortgage banker or mortgage broker
			 fails to satisfy the experience requirements under ORS
			 86A.106 during any licensing
			 period regardless of the reason for that failure, the mortgage banker or
			 mortgage broker shall:
(a) Notify the
			 director within three working days that the mortgage banker or mortgage broker
			 no longer satisfies the experience requirement;
(b) Submit to the director within seven
			 calendar days of the occurrence, an inventory and status of pending loan
			 application files including an accounting of all Clients' Trust
			 Accounts;
(c) Account for all
			 investor funds;
(d) Submit to the
			 director within one week of the occurrence a proposed plan to rectify the
			 deficiency or a plan for the orderly transfer of business to a duly licensed
			 mortgage banker or mortgage broker;
(e) Immediately cease accepting new
			 applications from borrowers and, in the case of mortgage brokers who fund
			 mortgages from investors other than institutions described in ORS
			 59.035, solicitation of funds
			 and accepting such investor funds shall immediately cease.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 860 - LICENSING OF MORTGAGE BANKERS AND MORTGAGE BROKERS › Section 441-860-0101 - Fees Payable to the Director

Current through Register Vol. 63, No. 7, July 1, 2024
In addition to any fees required to participate in the National
				Mortgage Licensing System and Registry, a mortgage banker or a mortgage broker
				shall pay to the director the following fees at the time of application or
				renewal:
(1) A nonrefundable
			 application fee for a mortgage banker or mortgage broker license of $960 plus a
			 $330 nonrefundable application fee for each branch the mortgage banker or
			 mortgage broker establishes in Oregon.
(2) A nonrefundable renewal application fee
			 for a mortgage banker or mortgage broker license of $480 plus a $165
			 nonrefundable renewal application fee for each branch the mortgage banker or
			 mortgage broker maintains in Oregon.
Stat. Auth.: ORS
				  86A.136
Stats. Implemented: ORS
				  86A.106, 2011 OL Ch. 618
				  |1
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 860 - LICENSING OF MORTGAGE BANKERS AND MORTGAGE BROKERS › Section 441-860-0110 - Examination Charges Mortgage Bankers or Mortgage Brokers Pay to the Director

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Examination
			 charges shall be paid upon receipt of the invoice of examination
			 fees.
(2) In addition to the
			 initial application and renewal fees assessed under ORS
			 86A.124 and these rules,
			 licensees shall pay an examination charge in the amount of $75 an hour for each
			 person used in performance of the examination.
(3) Notwithstanding section (2) of this rule:
(a) If an employee of the Department is
			 required to travel out of state to perform the work described by section (2) of
			 this rule, the rate of charge is $75 per hour plus costs for travel and
			 subsistence for each such person;
(b) If the work described in section (2) of
			 this rule is performed by a consultant hired by contract for the particular
			 work, the charge payable by the licensee is the actual cost to the director of
			 the contract consultant.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 860 - LICENSING OF MORTGAGE BANKERS AND MORTGAGE BROKERS › Section 441-860-0130 - Private Money Loans

Current through Register Vol. 63, No. 7, July 1, 2024
A person is not engaged in the business of making loans secured
				by an interest in real estate as used in ORS
				86A.100(3)(a)(C) and
				(5)(a)(F) if the person is making a loan from
				their own funds and does not make more than 10 loans secured by an interest in
				residential real estate during any consecutive twelve month period if they do
				not advertise or otherwise hold themselves out as being in the business of
				making mortgage loans.
Stat. Auth.: ORS
				  86A.136
Stats. Implemented: ORS
				  86A.100
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 865 - RECORDS AND REPORTS › Section 441-865-0010 - General Provisions

Current through Register Vol. 63, No. 7, July 1, 2024
All mortgage bankers and mortgage brokers shall maintain and
				preserve financial records concerning business operations, transactions with
				customers, and trust account transactions. The records shall be sufficient for
				an independent accountant to prepare a compiled, reviewed or audited financial
				statement on the business of the mortgage banker or mortgage
				broker.
Stat. Auth.: ORS
				  86A.112 &
				  86A.136
Stats. Implemented: ORS
				  86A.112
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 865 - RECORDS AND REPORTS › Section 441-865-0020 - Financial Records

Current through Register Vol. 63, No. 7, July 1, 2024
At a minimum the financial records shall include:
(1) A record, such as a cash receipts
			 journal, of all monies received from borrowers showing at least:
(a) Name of payor;
(b) Date of receipt;
(c) Amount received;
(d) Purpose of receipt including
			 identification of the loan to which it relates, if any;
(e) The disposition of all monies received
			 including the date and place of deposit or, if not deposited, the date, name of
			 the person who received the monies and the manner in which the monies were
			 transmitted.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 865 - RECORDS AND REPORTS › Section 441-865-0025 - Residential Mortgage Lending Reports

Current through Register Vol. 63, No. 7, July 1, 2024
No later than March 31 of each calendar year, a mortgage banker
				or a mortgage broker licensed at any time during the preceding calendar year
				must file a report with the director concerning the banker's or broker's
				business and operations conducted during the preceding calendar year related to
				residential mortgage transactions.
(1)
			 A mortgage banker or mortgage broker must report the total number and dollar
			 amount of all loans made or funded by the mortgage banker or mortgage broker in
			 any state and those loans that are Oregon residential mortgage
			 transactions.
(2) For loans made or
			 funded for a property located in Oregon, a mortgage banker or mortgage broker
			 must report the total number and dollar amount of:
(a) First-lien mortgage loans.
(b) Subordinate-lien mortgage loans
			 including, but not limited to, home equity lines of credit.
(c) Mortgage loans having a fixed periodic
			 payment of principal and interest throughout the mortgage term.
(d) Interest-only first-lien mortgage loans
			 having a fixed interest rate.
(e)
			 Interest-only first-lien mortgage loans having an adjustable interest
			 rate.
(f) Negative amortization
			 mortgage loans.
(g) Home equity
			 conversion mortgages, commonly known as reverse mortgages.
(h) Adjustable rate first-lien mortgage
			 loans.
(i) Adjustable rate
			 subordinate-lien mortgage loans.
(j) Loans with a prepayment penalty in the
			 contract at the time of closing.
(k) Mortgage loans closed for the purchase of
			 a primary owner-occupied residential dwelling.
(L) Mortgage loans closed for the purchase of
			 a secondary residence.
(m) Mortgage
			 loans closed for the purchase of a non-owner occupied property that is a
			 one-to-four family residential dwelling.
(n) Mortgage loans closed for the purpose of
			 refinancing an existing mortgage loan secured by a primary owner-occupied
			 residential dwelling.
(o) Mortgage
			 loans closed for the purpose of refinancing an existing mortgage loan secured
			 by a secondary residence.
(p)
			 Mortgage loans closed for the purpose of refinance an existing mortgage loan
			 secured by a non-owner occupied property that is a one-to-four family
			 residential dwelling.
(q) Mortgage
			 loans insured or guaranteed by a federal agency.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 865 - RECORDS AND REPORTS › Section 441-865-0030 - Advertising

Current through Register Vol. 63, No. 7, July 1, 2024
All mortgage bankers and mortgage brokers shall maintain copies
				of:
(1) All printed advertising
			 published in newspapers, magazines, newsletters or other media designed for
			 mass distribution;
(2) Scripts, or
			 audio and video tapes, for advertising broadcast on radio or television;
			 and
(3) Recorded telephone messages
			 or voice mail messages which contain rate information.
Stat. Auth.: ORS
				  86A.112,
				  86A.136 &
				  86A.163
Stats. Implemented: ORS
				  86A.163
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 865 - RECORDS AND REPORTS › Section 441-865-0040 - Borrower and Investor Complaints

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Copies of all written complaints by
			 borrowers and investors shall be maintained in a separate complaint file by the
			 individual's name in alphabetical order and shall contain at a minimum a copy
			 of the original complaint and response.
(2) Copies of correspondence related to the
			 complaints and a written disposition of the complaint by an officer, director
			 or control person of the company shall be maintained in the complaint file or
			 in the borrower or investor file of the mortgage banker or mortgage
			 broker.
(3) Complaints unrelated to
			 borrower or investor transactions need not be retained.
Stat. Auth.: ORS
				  86A.112 &
				  86A.136
Stats. Implemented: ORS
				  86A.112
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 865 - RECORDS AND REPORTS › Section 441-865-0050 - Personnel Records

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Each
			 employer shall maintain a personnel ledger which shall contain the name, date
			 of birth, position or title and responsibilities, unique identifiers, starting
			 date, and date and reason for termination of salaried employees.
(2) For purposes of this rule, personnel
			 shall include salaried employees, independent contractors, and consultants who
			 are involved in loan origination, loan servicing, loan negotiations, investor
			 solicitation, or who transact business with borrowers or lenders.
Stat. Auth.: ORS 86A.11286A.112 &
				  86A.179
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 865 - RECORDS AND REPORTS › Section 441-865-0060 - Residential Borrower Files

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In
			 addition to the books and records required under the provisions of OAR
			 441-865-0010  to 441-865-0090, a mortgage banker or mortgage broker that takes
			 an application for a residential mortgage transaction must prepare and maintain
			 the following:
(a) A copy of each executed
			 loan application form, including the unique identifier of the mortgage loan
			 originator that took the residential mortgage loan application and offered to
			 negotiate or negotiated the terms of the loan, which must have both the
			 signatures of the borrower and mortgage loan originator;
(b) A copy of each executed fee agreement, if
			 prepared;
(c) In the case of
			 residential or single family loans, a borrower acknowledged statement that a
			 loan interest rate will float or a copy of the executed lock agreement. The
			 lock agreement shall specify at a minimum the:
(A) Date of the agreement;
(B) File identification, and property
			 address;
(C) Lock-in rate and
			 expiration date;
(D) Disclosure
			 that the lock may be subject to change if any of the loan factors change and
			 disclosure that if the lock expires, the rate and points are subject to change;
			 and
(E) The term of the loan.
(d) A copy of all
			 correspondence with the borrower in writing or in a format easily converted to
			 writing;
(e) A copy of any
			 documents noting approval or denial of a borrower's mortgage loan application;
(f) A copy of all documents
			 submitted by a borrower to the mortgage banker or mortgage broker in connection
			 with the loan application;
(g) If
			 required to be prepared for the residential mortgage transaction, a copy of the
			 good faith estimate required by Regulation X,     12 C.F.R. Part 1024, and
			 translated as applicable to comply with
			 86A.198;
(h) A copy of the executed Authorization to
			 Release Credit Information Form;
(i) Copies of every credit report accessed by
			 the mortgage banker or mortgage broker in connection with the transaction;
(j) If required to be prepared for
			 the residential mortgage transaction, a copy of any disclosure required by
			 Regulation Z,     12 C.F.R. Part 1026     and translated as applicable to comply with
			 ORS 86A.198, including, but not
			 limited to, the Truth in Lending disclosure statement, the Loan Estimate and
			 the Closing Disclosure Statement. A copy of the completed, translated Loan
			 Estimate and Closing Disclosure provided to the borrower as required by
			 Regulation Z, 12 C.F.R. Part 1026 and maintained in the borrower file will
			 comply with the requirement in ORS
			 86A.198 to provide a translated
			 good faith estimate and Truth in Lending Disclosure; and
(k) If required to be prepared for the
			 residential mortgage transaction, a copy of the final HUD-1 settlement
			 statement required by 12 C.F.R. Part 1024.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 865 - RECORDS AND REPORTS › Section 441-865-0080 - Investor Files

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In addition to
			 all other books and records required under the provisions of OAR 441-865-0010  to 441-865-0090, a mortgage banker or a mortgage broker must maintain the
			 following documents and records when borrower loans are funded by investors who
			 are persons other than those exempt under ORS
			 59.035(4) or
			 (5):
(a) A
			 copy of the written disclosure document described in OAR
			 441-870-0050(1);
(b) A written
			 statement, signed and dated by the investor acknowledging receipt of the
			 written disclosure document and an opportunity to review the supporting
			 documentation;
(c) The supporting
			 documentation evidencing the summarized information contained in the disclosure
			 document.
(d) A copy of the written
			 evidence of obligation and the instrument creating the investor's lien or
			 assignment of the lien as required pursuant to OAR 441-870-0060;
(e) A copy of documents evidencing that the
			 instrument creating the lien or assignment has been recorded pursuant to the
			 provisions of OAR 441-870-0060;
(f)
			 Copies of guarantees, surety agreements, "with-recourse" agreements or
			 guarantees, and correspondence related to the sale of real estate paper to the
			 investor.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 865 - RECORDS AND REPORTS › Section 441-865-0090 - Trust Account and Escrow Depository

Current through Register Vol. 63, No. 7, July 1, 2024
In addition to the books and records required pursuant to the
				provision of OAR 441-865-0010  to 441-865-0080, a mortgage banker or a mortgage
				broker is required to maintain the books and records required under the
				provisions of OAR chapter 441, division 875.
Stat. Auth.: ORS
				  86A.112 &
				  86A.136
Stats. Implemented: ORS
				  86A.157
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 870 - DISHONEST, FRAUDULENT, UNFAIR AND UNETHICAL PRACTICES › Section 441-870-0075 - Filing False Reports of Condition

Current through Register Vol. 63, No. 7, July 1, 2024
A dishonest, fraudulent or illegal practice or conduct under
				ORS 86A.115 includes reporting false
				or incorrect information on a report of condition filed under OAR 441-865-0025.
				A mortgage banker or mortgage broker who corrects an incorrect report of
				condition to the satisfaction of the director within 30 days of notice from the
				director that the information is incorrect is not subject to this
				rule.
Stat. Auth: ORS
				  86A.136
Stat. Implemented: ORS
				  86A.106 &
				  86A.239
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 870 - DISHONEST, FRAUDULENT, UNFAIR AND UNETHICAL PRACTICES › Section 441-870-0010 - Dishonest, Fraudulent, Unfair and Unethical Practices

Current through Register Vol. 63, No. 7, July 1, 2024
As used in ORS
				86A.115(2), the
				terms "dishonest, fraudulent, or illegal practices or conduct" and "unfair or
				unethical practices or conduct," separately or in any combination thereof,
				shall include but not be limited to those acts defined herein as "Manipulative,
				deceptive, or fraudulent device or contrivance" or "fraudulent, deceptive or
				manipulative act or practice."
Stat. Auth.: ORS
				  86A.136
Stats. Implemented: ORS
				  86A.115
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 870 - DISHONEST, FRAUDULENT, UNFAIR AND UNETHICAL PRACTICES › Section 441-870-0020 - General Definition

Current through Register Vol. 63, No. 7, July 1, 2024
"Manipulative, Deceptive, or Fraudulent Device or Contri?vance"
				and "Fraudu?lent, Deceptive, or Manipulative Act or Prac?tice" are defined to
				include:
(1) Any act, practice, or
			 course of business which operates or would operate as a fraud or deceit upon
			 any person;
(2) The making of any
			 untrue statement of a material fact and any omission to state a material fact
			 necessary in order to make the statements made, in the light of the
			 circumstances under which they are made, not misleading; or
(3) Any representation by a licensee or a
			 person acting on behalf of a licensee, that the licensing of any person with
			 the Director or the failure of the Director to deny or revoke such license,
			 indicates, in any way, that the Director has passed upon or approved the
			 financial standing, business, or conduct of any person, or the merits of any
			 transaction.
Stat. Auth.: ORS
				  86A.136
Stats. Implemented: ORS
				  86A.115
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 870 - DISHONEST, FRAUDULENT, UNFAIR AND UNETHICAL PRACTICES › Section 441-870-0030 - Borrower Transactions

Current through Register Vol. 63, No. 7, July 1, 2024
A dishonest, fraudulent or illegal practice or conduct under
				ORS 86A.115 includes, but is not
				limited to, the following conduct by a person in connection with a mortgage
				loan:
(1) Making any representation or
			 guarantee to a customer that a loan can be secured by a date certain;
(2) Entering into a lock agreement for a
			 specific interest rate or advertising the availability of a lock agreement for
			 a specific interest rate unless:
(a) The
			 agreement or advertisement also specifies the terms of the lock agreement
			 including the length of the lock period and the costs to the borrower
			 associated with the lock agreement; and
(b) The mortgage banker or mortgage broker
			 can demonstrate that they have successfully closed loans under lock agreements,
			 which provided for similar interest rates within similar time frames;
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 870 - DISHONEST, FRAUDULENT, UNFAIR AND UNETHICAL PRACTICES › Section 441-870-0040 - Legend Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
A dishonest, fraudulent or illegal practice or conduct under
				ORS 86A.115 includes, but is not
				limited to, the following conduct a person in connection with a mortgage
				loan:
(1) Negotiating a residential
			 loan agreement that provides for a penalty to be charged for repaying the loan
			 prior to the date provided for repayment in the loan agreement without
			 providing notice in writing of a size equal to at least ten-point bold or
			 underlined type that substantially conforms to the following:
NOTICE TO THE BORROWER: Do not sign this loan agreement
				before you read it. This loan agreement provides for the payment of a penalty
				if you wish to repay the loan prior to the date provided for repayment in the
				loan agreement.
If a residential loan agreement does not contain a notice as
				required by this section, a lender shall not collect from the borrower a
				penalty for payment of the loan prior to the date provided for
				repayment.
(2) Negotiating
			 a residential mortgage loan agreement that authorizes the lender to refuse to
			 accept repayment of the loan prior to the date provided for repayment in the
			 loan agreement without providing notice in writing of a size equal to at least
			 ten-point bold or underlined type that substantially conforms to the following:
NOTICE TO THE BORROWER: Do not sign this loan agreement
				before you read it. This loan agreement authorizes the lender to refuse to
				accept repayment of this loan prior to the date provided for repayment in this
				loan agreement.
If a residential loan agreement does not contain a notice as
				required by this section, a lender shall not refuse to accept repayment of the
				loan by the borrower prior to the date provided for repayment.
Stat. Auth.: ORS
				  86A.136
Stats. Implemented: ORS
				  86A.115
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 870 - DISHONEST, FRAUDULENT, UNFAIR AND UNETHICAL PRACTICES › Section 441-870-0050 - Investor Transactions

Current through Register Vol. 63, No. 7, July 1, 2024
A dishonest, fraudulent or illegal practice or conduct under
				ORS 86A.115 includes, but is not
				limited to, the following conduct by a person in connection with a mortgage
				loan:
(1) Failing to provide to
			 investors who are persons other than persons enumerated pursuant to ORS
			 59.035(4) and
			 (5), prior to the time of sale of any
			 interest in real estate paper, a written disclosure document which contains the
			 following information:
(a) The priority of
			 the lien created by the security and the total face amount of any senior
			 liens;
(b) A statement whether any
			 future advances may have a priority senior to that of the lien created by the
			 security;
(c) A copy of the most
			 recent complete property tax statement, covering the real property underlying
			 the security;
(d) The value of the
			 real property underlying the security. This value must be provided by:
(A) The tax assessed value if it is 100
			 percent of the true cash value and is on the same property underlying the
			 security; or
(B) An appraisal by an
			 independent licensed appraiser.
(e) The debtor's payment record, on the
			 instrument being sold for the two years immediately preceding the sale. When
			 the debtor's payment record is less than two years or not available:
(A) The payment record to date or a statement
			 that payment records are not available; and
(B) A current credit report on the debtor
			 prepared by a credit reporting agency or a current financial statement of the
			 debtor.
(f) The terms of
			 any senior lien or a copy of the instrument creating the lien and any
			 assignments;
(g) If the mortgage
			 seller, seller's agent, or any affiliate is the debtor, a statement disclosing
			 that fact and the amount of cash paid to the debtor in consideration for the
			 issuance of the real estate paper;
(h) A statement of any commissions,
			 collection fees, and other costs chargeable to the purchaser of the real estate
			 paper;
(i) A prominent statement of
			 any balloon payments;
(j) In the
			 case of a sale of junior real estate paper, a statement of the risk of loss on
			 foreclosure of a senior lien; and
(k) A statement of whether or not the
			 purchaser of the real estate paper will be insured against casualty
			 loss.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 870 - DISHONEST, FRAUDULENT, UNFAIR AND UNETHICAL PRACTICES › Section 441-870-0060 - Delivery of Additional Documentation

Current through Register Vol. 63, No. 7, July 1, 2024
"Manipulative, Deceptive, or Fraudulent Device or Contri?vance"
				and "Fraudu?lent, Deceptive, or Manipulative Act or Prac?tice" are defined to
				include:
(1) Failure to deliver to the
			 purchaser or licensed escrow agent or title company the written evidence of the
			 obligation, properly endorsed, together with the instrument creating the lien;
			 and
(2) Failure to record the
			 instrument creating the lien or assign?ment of the lien in a timely manner in
			 the county or counties where the property is located and retain a copy of the
			 recorded instrument in the customer file maintained by the licensee.
(3) The provisions of section (2) of this
			 rule do not apply when the purchaser is an institutional investor as enumerated
			 in ORS 59.035(4) or an
			 accredited investor as enumerated in
			 59.035(5)
			 provided the accredited investor has submitted an unsolicited written request
			 that the instrument creating the lien or the assignment of the lien not be
			 filed in the county or counties where the property is located.
Stat. Auth.: ORS
				  86A.136
Stats. Implemented: ORS
				  86A.115
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 870 - DISHONEST, FRAUDULENT, UNFAIR AND UNETHICAL PRACTICES › Section 441-870-0070 - Servicing Transactions

Current through Register Vol. 63, No. 7, July 1, 2024
A dishonest, fraudulent or illegal practice or conduct under
				ORS 59.865 includes, but is not
				limited to, the following conduct by a person in connection with a mortgage
				loan:
(1) Failing to disclose that the
			 lender may sell the loan to another party.
(2) Failing to provide to borrowers an annual
			 statement of the account of the borrower showing the unpaid principal balance
			 of the mortgage loan at the end of the immediately preceding 12-month period,
			 the interest paid during such period, the amounts deposited into escrow and the
			 amounts disbursed from escrow during the period.
Stat. Auth.: ORS
				  86A.136
Stats. Implemented: ORS
				  86A.115
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 870 - DISHONEST, FRAUDULENT, UNFAIR AND UNETHICAL PRACTICES › Section 441-870-0080 - Advertising

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Advertising
			 containing any of the following is false, misleading or deceptive:
(a) A statement or representation of a
			 specific installment amount in repayment of a loan without as least as
			 prominently disclosing the following information about the loan:
(A) Principal amount;
(B) Annual percentage rate;
(C) Whether the interest rate is fixed or
			 variable, and if variable, the loan terms;
(D) Number, amount and period of payments
			 scheduled to the date of maturity; and
(E) Balance due at maturity (balloon payment)
			 if not fully amortized;
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 870 - DISHONEST, FRAUDULENT, UNFAIR AND UNETHICAL PRACTICES › Section 441-870-0081 - Use of Certification or Professional Designations by Mortgage Banker, Mortgage Broker, or Mortgage Loan Originator

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The use of a certification or
			 professional designation by any mortgage banker, mortgage broker, or mortgage
			 loan originator in connection with making, negotiating or offering to make or
			 negotiate a mortgage banking loan or a mortgage loan, taking a residential
			 mortgage loan application, offering or negotiating the terms of a residential
			 mortgage loan, selling real estate paper, or accepting funds for investment in
			 real estate paper, that indicates or implies that the person has special
			 certification or training, in such a way as to mislead any person is a
			 dishonest, fraudulent or illegal practice or conduct under ORS
			 86A.115. Prohibited use of a
			 certification or designation under this rule includes, but is not limited to,
			 the following activities:
(a) Use of a
			 certification or professional designation by a person who has not actually
			 earned or is otherwise ineligible to use the certification or
			 designation.
(b) Use of a
			 nonexistent or self-conferred certification or professional
			 designation.
(c) Use of a
			 certification or professional designation that indicates or implies a level of
			 occupational qualifications obtained through education, training or experience
			 that the person using the certification or professional designation does not
			 have.
(d) Use of a certification
			 that falsely states or implies specialized knowledge of the financial needs of
			 a particular segment of the population or class of borrowers that the person
			 using the certification or professional designation does not have.
(e) Use of a certification or professional
			 designation that was obtained from a designating or certifying organization
			 that:
(A) Is primarily engaged in the
			 business of instruction in sales or marketing, or both;
(B) Does not have reasonable standards or
			 procedures for assuring the competency of its designees or
			 certificants;
(C) Does not have
			 reasonable standards or procedures for monitoring and disciplining its
			 designees or certificants for improper or unethical conduct; or
(D) Does not have reasonable continuing
			 education requirements for its designees to maintain the designation or
			 certificate.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 875 - CUSTODY AND POSSESSION OF CLIENT FUNDS › Section 441-875-0020 - Branch Office Trust Accounts

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Branch offices shall maintain a separate
			 trust account if:
(a) The main office of the
			 mortgage banker or mortgage broker does not maintain a trust account or deposit
			 funds into a neutral escrow depository on behalf of the branch offices'
			 clients; or
(b) The main office of
			 the mortgage banker or mortgage broker is not located within the State of
			 Oregon.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 875 - CUSTODY AND POSSESSION OF CLIENT FUNDS › Section 441-875-0030 - Manner of Deposit

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A mortgage
			 banker or mortgage broker shall deposit all trust funds received from a client
			 into the trust account or neutral escrow depository and shall keep such funds
			 in the trust account or neutral escrow depository until:
(a) In the case of a neutral escrow
			 depository, the written escrow instructions prepared pursuant to the provisions
			 of OAR 441-875-0040(3)  and agreed to by all parties have been fulfilled;
			 or
(b) In the case of a trust
			 account, the instructions for disbursement of trust funds have been fulfilled
			 as contained in:
(A) The loan application
			 form; or
(B) A separate fee
			 agreement, if any.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 875 - CUSTODY AND POSSESSION OF CLIENT FUNDS › Section 441-875-0040 - Financial Practices; Manner of Disbursement

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In addition to those books and records
			 required under ORS 86A.095 through
			 86A.189 and OAR 441-865-0010  through 441-865-0090, a mortgage banker or mortgage broker shall maintain books
			 and records for each trust account in accordance with this rule:
(a) Mortgage bankers and mortgage brokers
			 must reconcile at least monthly all trust accounts:
(A) The reconciled bank balance of the trust
			 account must equal the sum of the balances in the individual owner's ledger
			 accounts and also must equal the balance shown in the check register or the
			 journal of receipts and disbursements for the trust account;
(B) The mortgage banker or mortgage broker
			 must sign and date the reconciliation upon its completion.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 875 - CUSTODY AND POSSESSION OF CLIENT FUNDS › Section 441-875-0075 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  86A.136
Stats. Implemented: ORS
				  86A.106,
				  86A.239