Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 20 - SINGLE-FAMILY MORTGAGE PROGRAM
Section 813-020-0045 - Lender Action on Loan Application
Universal Citation: OR Admin Rules 813-020-0045
Current through Register Vol. 63, No. 9, September 1, 2024
(1) A lender shall proceed in good faith to process a loan application under the Single Family Mortgage Program and shall make the program loan if the lender determines that:
(a) Loan funds are available;
(b) The application is complete;
(c) The application appears to comply with
the rules of this division and the terms of the applicable loan agreement;
and
(d) The applicant appears to be
a borrower who is eligible for a loan under OAR
813-020-0030.
(2) A person who is refused a program loan by a lender may demand of the lender, in writing, a written explanation of the specific reasons for the refusal. The lender shall comply with the demand not later than the 30th day after the date on which the lender receives the demand.
Stat. Auth.: ORS 456.555
Stats. Implemented: ORS 456.620456.625, 456.635 & 456.640
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