Current through Register Vol. 63, No. 9, September 1, 2024
(1) A
bank, savings bank or other financial institution that is authorized under the
laws of a state or of the United States to engage in the business of servicing
loans for residential housing may apply to become a loan servicer under the
Single-Family Mortgage Program by submitting the following to the Department:
(a) An application in the form prescribed by
the Department;
(b) An opinion by
the counsel of the applicant regarding the power and authority of the applicant
to enter into a loan servicing agreement with the Department;
(c) A list of the authorized officers of the
applicant and the signature of each officer;
(d) The most recent audited financial
statements of the applicant;
(e)
Documentation evidencing bond and insurance coverage;
(f) An application charge in an amount
established by the Department for its costs of evaluation and administration;
and
(g) Documentation indicating
the volume of residential loans produced by the applicant's mortgage lending
offices in Oregon.
(2)
An applicant under section (1) of this rule must demonstrate to the
Department's satisfaction that:
(a) One of the
applicant's principal functions is servicing loans secured by residential real
estate;
(b) Such servicing is a
customary and regular business activity of the applicant;
(c) The applicant is qualified to engage in
servicing mortgage loans for the Federal National Mortgage Association or the
Federal Home Loan Mortgage Corporation and is, if required, a mortgagee
approved by the Federal Housing Administration or Veterans'
Administration;
(d) The applicant
deposits funds to accounts in depositories that comply with the requirements of
ORS 295.002,
295.005,
295.015 to
295.018 and
295.205 and that are insured to
the full extent legally possible by the Federal Deposit Insurance Corporation
or other similar federal insuring Department; and
(e) The applicant will maintain servicing
facilities adequately staffed with trained personnel familiar with all rules,
regulations and requirements pertaining to or affecting program
loans.
(3) An applicant
may service program loans if the Department determines that an applicant is
qualified to service program loans and if the applicant enters into an
agreement with the Department to service program loans according to a standard
form prescribed by the Department.
(4) A program loan servicer may assign
program loan servicing to another servicer upon written approval by the
Department.
Stat. Auth.: ORS
456.555
Stats. Implemented: ORS
456.620,
456.625,
456.635 &
456.640
