Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 20 - SINGLE-FAMILY MORTGAGE PROGRAM
Section 813-020-0057 - Program Loan Servicing

Universal Citation: OR Admin Rules 813-020-0057

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

(1) A program loan servicer shall service a loan under the Single-Family Mortgage Program in accordance with the servicing agreement and the rules of this division.

(2) A program loan servicer shall charge for loan servicing according to uniform servicing rates established by the Department that are based on the estimated costs of servicing program loans and prevailing rates for similar services.

(3) For the term of a program loan, the borrower shall make monthly escrow payments for real estate property taxes and assessments, hazard insurance premiums and, if necessary, mortgage insurance premiums, except as otherwise provided in the terms of the loan agreement. A program loan servicer may pay interest on program loan escrow reserve accounts at its option.

(4) Upon approval by the Department, a program loan servicer may take one or more actions to protect the Department's security in a residence financed by a program loan. The actions may include but are not limited to the following:

(a) Loan modification;

(b) Property maintenance and repair;

(c) Foreclosure or deed-in-lieu of foreclosure proceedings; and

(d) Representation of the Department's interest in bankruptcy proceedings.

(5) If a program loan servicer fails to comply with the Department's servicing, reporting or remittance requirements, the Department may assess a penalty or may terminate the servicing agreement.

Stat. Auth.: ORS 456.555

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

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