Oregon Administrative Rules
Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION
Division 890 - LICENSING OF MORTGAGE SERVICERS
Section 441-890-0030 - Liquidity, Operating Reserves, and Tangible Net Worth Requirements

Universal Citation: OR Admin Rules 441-890-0030

Current through Register Vol. 63, No. 9, September 1, 2024

(1) An applicant or licensee operating as an approved servicer by one or more government sponsored enterprise (GSE) must maintain liquidity, operating reserves, and tangible net worth that meet the standards set by the GSE. If approved by more than one GSE, the applicant or licensee must meet the highest standard of the GSEs for which it is approved.

(2)

(a) An applicant or licensee with a portfolio of only non-GSE loans must maintain a minimum tangible net worth of $1 million or maintain a $1 million surety bond.

(b) An applicant or licensee with a portfolio of non-GSE loans must maintain liquidity, including operating reserves, of .00035 times the unpaid principal balance of the portfolio.

(3) The director may waive or adjust one or more of the requirements in this section if it finds that doing so will be in the public interest. The director shall consider the servicer's loan portfolio, operational risks, net worth, operating reserves, and degree of supervision by other regulatory entities.

Statutory/Other Authority: ORS 86A.315

Statutes/Other Implemented: ORS 86A.315

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