OAR 274-020-0391
Discount for Early Payoff

(1)

The balance on some loans and contracts may be discounted in consideration of the loan or contract being paid in full before its final payment date. The amount of the discount will be based upon a mathematical computation which uses a discount rate to compute the present value of the remaining scheduled payment stream of the loan or contract being considered for discount. The discounted amount may be further limited by a percentage based calculation determined by the Director. The Director will periodically fix the discount rate and the percentage based calculation, if any, taking into consideration:

(a)

Market conditions (reinvestment opportunities);

(b)

Financial statement conditions (health of programs);

(c)

Cash flow conditions;

(d)

Balance and term of the loan or contract being considered for discount.

(2)

The loans and contracts that will be discounted and the discount rate will be periodically determined by the Director and the information will be available to all interested persons making inquiry to the Director. The amount of the discount quoted by the Director shall include a per diem amount that must be added to the quoted payoff amount in order to arrive at a payoff amount for a specific day. The quoted discount amount shall be honored for 30 days following the date of the quote.

(3)

Any loan or contract that does not amortize on the agreed-to retirement date will be reamortized and a new payment determined prior to the computation of a discount amount. The reamortized payment amount will be used only for the purpose of calculating the amount of the discount.

(4)

Discounts shall not be available on loans or contracts being paid in full by the proceeds from Loan Cancellation Life Insurance or hazard insurance.

(5)

This rule does not apply to loans or contracts after a default of the loan or purchase agreement has occurred and settlement negotiations are in process.

(6)

No discount shall be given where the loan or contract is being paid in full in connection with a change in ownership of the property securing the loan or the property being purchased on contract.

Source: Rule 274-020-0391 — Discount for Early Payoff, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=274-020-0391.

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 274-020-0391’s source at or​.us