Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 20 - SINGLE-FAMILY MORTGAGE PROGRAM
Section 813-020-0046 - Mortgage Insurance
Current through Register Vol. 63, No. 3, March 1, 2024
If the amount of a loan under the Single-Family Mortgage Program is greater than 80 percent of the original acquisition cost or, if lower, its value according to an appraisal acceptable to the Department, the borrower shall obtain and maintain in force mortgage insurance or a guarantee of the program loan by a qualified mortgage insurer. The following requirements apply to the mortgage insurance policy or guarantee:
(1) The policy must be in effect at the time of sale of the Program Loan to the Department;
(2) The Department must be named as the mortgagee insured or guaranteed; and
(3) The amount, terms and extent of coverage of the insurance or guaranty must meet the requirements of the indenture of trust and the bond indenture declaration governing the bonds used for the acquisition of the residence as determined by the Department to provide reasonable security against loss in the event of default.
Stat. Auth.: ORS 456.555
Stats. Implemented: ORS 456.620, 456.625, 456.635 & 456.640
