OAR 274-020-0341
Interest Rates for Loans


(1)

The Director will prescribe interest rates for loans to be funded by the Department pursuant to this division. In prescribing interest rates, the Director will consider the following factors:

(a)

The current value of funds;

(b)

The solvency of the Department’s Loan Program; and

(c)

The rates’ effect on Veterans.

(2)

In prescribing interest rates, the Department also may consider factors including, but not limited to the following:

(a)

The projected value of funds;

(b)

Any Federal tax law restrictions;

(c)

Actual or projected conventional mortgage rates;

(d)

The availability of funds;

(e)

Actual or projected loan demand;

(f)

The loan purpose; and

(g)

The source(s) of funds.

(3)

The Director may prescribe rates of interest of up to two percent per annum more than the applicable basic rate determined under sections (1) and (2) above for loans used to acquire manufactured homes if, upon consideration of the factors described in section (1) above, the Director determines that there is an economic need for such higher rate of interest.

(4)

The Director periodically may change the prescribed rate of interest on a funded loan consistent with ORS 407.325 (Rate of interest on loans)(2) and applicable loan documents. In changing a prescribed rate of interest, the Director may exceed the limits in ORS 407.325 (Rate of interest on loans)(2) if the Director determines, in the Director’s sole discretion, that such a change reduces the probability that invoking the provisions of section 4, Article XI-A of the Oregon Constitution will become necessary.

(5)

The Director periodically may change the prescribed rate of interest on a loan to be funded by the Department to reflect reconsideration of, or changes in, factors considered under sections (1) and (2) above, or in consideration of additional factors.

(6)

The Director may apply different rates of interest to different loans, depending upon factors including, but not limited to the following:

(a)

The time of an initial loan or commitment to fund a loan;

(b)

The initial rate of interest on a loan;

(c)

The type of loan;

(d)

The status of the borrower;

(e)

The status of the loan security;

(f)

The perceived risk associated with the loan;

(g)

Whether or not the department agreed to maintain an interest rate commitment within a certain range or for a certain time; and

(h)

Whether or not the applicant abandoned a previous loan application or loan commitment.

(7)

The Department will endeavor to record prescribed interest rates as reasonably as it is practical.

Source: Rule 274-020-0341 — Interest Rates for Loans, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=274-020-0341.

274‑020‑0200
Definitions for OAR 274-020-0200–274-020-0450
274‑020‑0241
Authority to Protect the Security
274‑020‑0260
Who May Apply for Loan
274‑020‑0265
Evidence Required to Establish Eligibility
274‑020‑0266
Eligibility to Apply
274‑020‑0270
Forms and Signature
274‑020‑0280
Number of Applications Permitted
274‑020‑0285
Additional Loans
274‑020‑0290
Second Loans
274‑020‑0295
Modification of Application
274‑020‑0300
Cancellation of Application
274‑020‑0305
Filing Period
274‑020‑0310
Evidence of Acquisition
274‑020‑0315
Evidence of Construction
274‑020‑0322
Requirements for Farm Applicants
274‑020‑0325
Security for the Loan
274‑020‑0330
Legal Description of Property Offered as Security
274‑020‑0335
Appraisal of Property
274‑020‑0340
Terms of Loan
274‑020‑0341
Interest Rates for Loans
274‑020‑0342
Interest Rate on Assumptions by Eligible Veterans
274‑020‑0343
Interest Rates on Loans Secured by Property Transferred to Non-Veterans
274‑020‑0344
Fixed Interest Rate
274‑020‑0345
Approval of the Loan
274‑020‑0348
Grounds for Refusing to Make a Loan
274‑020‑0349
Loan Funding
274‑020‑0350
Evidence of Title
274‑020‑0355
Escrow Closing of Loans
274‑020‑0360
Disbursement of Loan Funds
274‑020‑0375
Lost, Stolen, or Destroyed Warrants or Checks
274‑020‑0380
Transfer of Ownership
274‑020‑0381
Rental
274‑020‑0382
Interest Rate Payable When Property Transferred Back to Original Borrower
274‑020‑0385
Modification of Mortgage
274‑020‑0386
Temporary Reduction of Payments
274‑020‑0387
Reamortization of Loans
274‑020‑0388
Property Tax Amortization and Escrow Accounting
274‑020‑0391
Discount for Early Payoff
274‑020‑0395
Partial Release of Security
274‑020‑0405
Confidential Nature of Information Submitted by the Borrower
274‑020‑0410
Confidential Nature of Information Procured by the Director
274‑020‑0411
Disclosure of Information and Fees
274‑020‑0420
Director’s Decisions Control in All Controversies
274‑020‑0421
Review of Loan Determinations and Other Decisions
274‑020‑0430
Effect
274‑020‑0440
Fees
274‑020‑0445
Assumption of Loan by Eligible Veteran
274‑020‑0450
Due on Sale
Last Updated

Jun. 8, 2021

Rule 274-020-0341’s source at or​.us