OAR 123-018-0080
Procedure for Enrollment of a Qualified Loan
(1)
A Participating Financial Institution may enroll a Qualified Loan in the Program by taking the following actions:(a)
Notifying the Department in writing of the Qualified Loan to be enrolled, using a form prescribed by the Department, within 30 days after the date the Participating Financial Institution disburses proceeds of the Qualified Loan to the Borrower or the date the loan documents are fully executed and the Participating Financial Institution is obligated to disburse proceeds, whichever occurs sooner; and(b)
Transmitting to the Department the fees required by OAR 123-018-0070 (Fees). If the Loss Reserve Account is domiciled with the Participating Financial Institution, the deposit of fees by the Participating Financial Institution into the Loss Reserve Account satisfies the requirements of this section if the Participating Financial Institution provides the Department with proof of deposit or written notification confirming the deposit.(2)
The Department shall, upon receipt of documentation and fees satisfying the requirements in section (1) of this rule, enroll the Qualified Loan if:(a)
The Department is satisfied that the Qualified Loan is eligible under OAR 123-018-0065 (Loan Eligibility); and(b)
Sufficient moneys are or can be made available from the Fund to meet the Department’s minimum contribution obligation described in OAR 123-018-0085 (State Contributions to Loss Reserve Accounts).(3)
The Department shall notify the Participating Financial Institution of enrollment within 10 business days from receipt of the required documentation and fees.(4)
After notifying the Participating Financial Institution that the Qualified Loan is enrolled, the Department shall transfer from the Fund to the Loss Reserve Account of the Participating Financial Institution a contribution amount as described in OAR 123-018-0085 (State Contributions to Loss Reserve Accounts).(5)
Before making a Qualified Loan, a Participating Financial Institution may request a commitment from the Department that sufficient funds are available to meet the Department’s contribution as described in OAR 123-018-0085 (State Contributions to Loss Reserve Accounts) and are available to be transferred to the Loss Reserve Account when the Qualified Loan is enrolled. If the Department provides the commitment, it will be binding on the Department for 30 days after the date of the commitment if the Participating Financial Institution has complied with section (1) of this rule and the Qualified Loan is eligible under OAR 123-018-0065 (Loan Eligibility).
Source:
Rule 123-018-0080 — Procedure for Enrollment of a Qualified Loan, https://secure.sos.state.or.us/oard/view.action?ruleNumber=123-018-0080.