Oregon Administrative Rules
Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS
Division 45 - POST VIETNAM ERA VETERANS' HOME LOAN PROGRAM
Section 274-045-0001 - Definitions for OAR 274-045-0001 to 274-045-0481
Current through Register Vol. 63, No. 12, December 1, 2024
As used in this Division 45:
(1) "Acquisition" means the purchase of a home.
(2) "Agreement" means the contract between the Oregon Department of Veterans' Affairs (ODVA) and the approved lender, setting forth the terms and conditions under which program loans made by the approved lender will be purchased by the ODVA.
(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 ODVA to originate residential loans acceptable to ODVA or to act as a conduit for the origination of residential loans acceptable to ODVA. In determining whether or not to contract with a Lending Institution, ODVA may consider factors including, but not limited to the following:
(5) "Commitment" means a promise made by the ODVA to an Approved Lender or veteran, evidenced by a written commitment letter, setting forth the terms upon which the ODVA will purchase, originate, or accept by underwriting and closing a specific program loan made or processed by the Approved Lender or ODVA pursuant to a reservation of funds.
(6) "Department" means the Oregon Department of Veterans' Affairs established under ORS 406.005.
(7) "Director" means the means Director of the Oregon Department of Veterans' Affairs.
(8) "Home" means a residential structure, including a manufactured home or a condominium unit, which is established, maintained and used primarily as a principal residence by a veteran, and includes real property connected to a residential structure, including any long-term leasehold and any outbuildings.
(9) "Lease" means the giving of possession and use of profits of secured property for a period of time in return for compensation.
(10) "Lease Option" means a lease of real property with an option to purchase the property within a stipulated period of time.
(11) "Lending Institution" means an entity which is licensed, or otherwise legally authorized, to conduct business in the State of Oregon exclusively or in part as a mortgage lender or a conduit for mortgage loans and that, in the judgment of ODVA, is capable of meeting the needs of ODVA in carrying out the purposes of ORS Chapter 407. In determining whether or not an entity that is licensed, or otherwise legally authorized, to conduct business in Oregon exclusively or in part as a mortgage lender or a conduit for mortgage loans is capable of meeting the needs of ODVA in carrying out the purposes of ORS Chapter 407, ODVA may consider factors including, but not limited to the following:
(12) "Loan Origination Guide/Mortgage Loan Origination Guide" means the manual containing the origination instructions for the Post Vietnam Era Veterans' Home Loan Program, and any subsequent changes as they are effected.
(13) "Loan to Value Ratio" is the loan amount or balance divided by the net appraised value.
(14) "Manufactured home" means a structure that is:
(15) "Net Appraised Value" means the lesser of the appraised value or the purchase price. The "appraised value" is the value established by an appraisal obtained by or at the direction of the Department, or an appraisal approved by the Department
(16) "ODVA" means the Oregon Department of Veterans' Affairs established under ORS 406.005.
(17) "Post Vietnam Era Veterans' Home Loan Program " means all home loans originated under this Division.
(18) "Qualified Insurer" means a private mortgage insurance company licensed to do business in Oregon and with which ODVA has agreed to accept mortgage insurance coverage. When an ALTA mortgagee's title insurance policy is in force insuring the State against the usual losses covered by an ALTA policy as well as any loss from any prior encumbrance, and the encumbrance is acceptable to both the veteran and ODVA.
(19) "Rent" means the giving of possession of secured property for occupancy for a specific period of time in return for a stipulated amount of compensation.
(20) "Reservation of Funds" (Rate Lock) means the setting aside of specific funds at a designated interest rate for a specific period of time.
(21) "Resides in the State of Oregon" means a person who:
(22) "Security" means all of the real property that is to be acquired for a home and which serves as collateral for the loan.
(23) "Transfer" means a change of ownership, either by operation of law, act of the parties, or both, such as deed, contract, certificate, court decree, property settlement, foreclosure, easement, condemnation, or adverse possession of the premises.
(24) "Underwriter/Designated Loan Officers" means those employees of ODVA whose paramount responsibility shall be the approval or rejection of all applications for loans.
(25) "Veteran" means a person who:
Publications referenced are available from the agency.
Statutory/Other Authority: ORS 406.005 & 407.115
Statutes/Other Implemented: ORS 407.075 to 407.385; Oregon Constitution Article XI-A, Section 3