Oregon Administrative Rules
Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS
Division 45 - POST VIETNAM ERA VETERANS' HOME LOAN PROGRAM
Section 274-045-0220 - Fees
Universal Citation: OR Admin Rules 274-045-0220
Current through Register Vol. 63, No. 12, December 1, 2024
(1) The Director of Veterans' Affairs (Director) imposes fees for the following:
(a) New Loan.
(b) Partial Release, Easement, and
Modification of Mortgage.
(c)
Dishonored Check.
(d) Reissue of
Stale, Lost, Destroyed or Missing Document.
(e) Mineral Rights and Geothermal Resource
Rights Release.
(f) Borrower
requests to cancel private mortgage insurance.
(g) Dishonored Electronic Funds
Transfer.
(2) The fee will not be waived or reduced except when in the Director's opinion, requiring the fee would cause an undue hardship. In the case of a dishonored check, the fee will be waived if the check was dishonored because of a bank error.
(3) Fee Schedule:
(a) New Loan Fees.
(A) A credit report fee may be charged in an
amount not to exceed the amount charged by the credit-reporting firm. A credit
report fee may be charged for each applicant unless a co-applicant is the
applicant's spouse.
(B) An
appraisal report fee may be charged in an amount not to exceed the amount
charged by the appraiser or actual cost.
(C) In the event of cancellation of the
application after acceptance for processing and collection of credit report and
appraisal fees, any money not used or obligated for credit reports or
appraisals shall be refunded to the borrower.
(D) The loan fee will not exceed two percent
(2%) of the loan amount;
(E) Flood
determination fee for each loan may be charged in an amount not to exceed the
amount charged by the flood determination company;
(F) A processing fee in the amount of $600
will be charged for processing, document preparation, or other
services.
(b) Partial
Release, Easement, and Modification of Mortgage Fees:
(A) $450 plus the cost of an appraisal for a
partial release or modification of mortgaged property. The appraisal fee will
be refunded to the applicant if the request is withdrawn before the Director is
obligated to an appraiser for the cost of a property appraisal.
(B) $50 for consenting to an
easement.
(C) $100 for partial
release involving release of a manufactured home that will be replaced with
another home.
(D) $1,100 for a
partial release involving release of water rights. $1,000 of the $1,100 fee
will be refunded if the request is withdrawn before the Director is obligated
to an appraiser for the cost of a property appraisal.
(E) A larger fee may be charged in complex
cases to cover extra processing costs.
(F) A fee for the partial release of property
to a government entity for public use as noted in Chapter 238 Oregon Laws 1995.
This fee may be modified or waived at the discretion of the Director.
(c) Dishonored Check Fee. Whenever
a bank check issued in payment of an obligation due to the Director of
Veterans' Affairs is dishonored by the bank upon which the check is drawn, a
fee in the amount of $25 will be charged. If two dishonored checks are received
from the same borrower within a 12-month period, the Director may require this
borrower to make all future payments by cash, money order, cashier's check or
certified check;
(d) Reissue of
Stale, Lost, Destroyed or Missing Document Fee. Whenever a document issued by
the Director must be reissued because it has been outstanding too long without
being used, or has been lost, destroyed or for some other reason is missing, a
fee in the amount of $50 may be charged for this service. "Document" means
deed, satisfaction of mortgage, satisfaction of judgment, request for
reconveyance, reconveyance, assumption agreement, contract, partial release,
modification of mortgage, escrow closing papers (or some other document
substantially the same as the ones enumerated). This fee may be waived if there
is good reason to believe that the person requesting the reissue was not
responsible for the delay that caused the document to become stale or for the
disappearance of the original issue;
(e) Release of Mineral Rights and Geothermal
Resource Rights Fees. The Director may charge a fee of $150 for processing an
application for release of mineral and geothermal resource rights. From this
fee, ODVA will pay the cost of recording any document issued. An additional
$100 may be charged if the nature of the application requires a review by the
Division of State Lands to determine the mineral and geothermal resource
potential. A check or money order in the amount of $100 made payable to the
Division of State Lands will be required when the Division of State Lands
review is necessary.
Statutory/Other Authority: ORS 406.005 & 407.115
Statutes/Other Implemented: ORS 407.075 to 407.385; Oregon Constitution Article XI-A, Section 3
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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