Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 70 - HOME IMPROVEMENT LOAN PROGRAM
Section 813-070-0020 - Approved Lenders
Current through Register Vol. 63, No. 9, September 1, 2024
(1) Any commercial bank, savings and loan association, savings bank, mortgage banker or other Person legally authorized to engage in the business of making secured loans for residential housing may apply to become an Approved Lender. An applicant wishing to become an Approved Lender shall submit for the Department's review:
(2) An applicant may qualify as an Approved Lender if the Department determines that the applicant has the capability and resources to originate Program Loans in a sound and professional manner. The Department shall consider such factors as:
(3) To qualify as an Approved Lender, an institution shall enter into an agreement with the Department providing for the manner and terms of sale of Program Loans. This purchase agreement shall be in the standard form prescribed by the Department for all Approved Lenders. Approved Lenders shall carry out such agreement in accordance with procedures set forth in the agreement and the Program's Procedural Guide. The Department may revise these procedures from time to time. Any such revisions shall not affect the eligibility of any Approved Lender or the terms of sale of Program Loans for any commitment previously made by the Department. The Department may terminate its agreement with an Approved Lender at any time on the terms and conditions stated in such agreement and the Program's Procedural Guide.
Publications: The publication(s) referred to or incorporated by reference in this rule are available from the agency.
Stat. Auth.: ORS 90.800 - ORS 90.840, ORS 91.886, ORS 183, ORS 456.515 - ORS 456.723 & ORS 458.210 - ORS 458.650
Stats. Implemented: ORS 456.690