Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 20 - SINGLE-FAMILY MORTGAGE PROGRAM
Section 813-020-0047 - Title Insurance

Universal Citation: OR Admin Rules 813-020-0047

Current through Register Vol. 63, No. 3, March 1, 2024

A loan under the Single-Family Mortgage Program must be covered by a title insurance policy issued in American Land Title Association (ALTA) form by a title insurance company authorized to transact insurance in Oregon by the Department of Consumer and Business Services. All of the following requirements apply to a title insurance policy under this rule:

(1) The amount of coverage of the policy must be at least equal to the outstanding principal balance of the program loan.

(2) The benefits of the policy must run to the Department, as either named insured or assignee.

(3) The policy may not be subject to any exceptions or conditions other than those previously approved by:

(a) The Department;

(b) The federal Department insuring or guaranteeing the loan, if any; or

(c) A private mortgage insurer, if any.

Stat. Auth.: ORS 456.555

Stats. Implemented: ORS 456.620, 456.625, 456.635 & 456.640

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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