OAR 274-045-0001
Definitions for OAR 274-045-0001 to 274-045-0481
(1)
“Acquisition” means the purchase of a home.(2)
“Agreement” means the contract between the Oregon Department of Veterans’ Affairs (ODVA) and the approved lender, setting forth the terms and conditions under which program loans made by the approved lender will be purchased by the ODVA.(3)
“ALTA Mortgagee’s Title Insurance” means a title insurance policy issued in American Land Title Insurance form by a title insurer licensed by the State of Oregon.(4)
“Approved Lender” means any “Lending Institution” as defined in ORS 407.177 (Loan processing and servicing contracts with lending institutions)(8) that has entered into an agreement with ODVA to originate residential loans acceptable to ODVA or to act as a conduit for the origination of residential loans acceptable to ODVA. In determining whether or not to contract with a Lending Institution, ODVA may consider factors including, but not limited to the following:(a)
ODVA’s need for additional Approved Lenders, either on a statewide basis or in a specific geographical area,(b)
Whether or not the Lending Institution has had any complaints filed against it or against any of its employees, agents, officers, Directors, owners, or affiliates through the Consumer and Business Services Department of the State of Oregon, through any other regulatory agency or otherwise.(c)
Whether or not representatives of the Lending Institution have attended any ODVA-sponsored training.(d)
The reputation of the Lending Institution, including its employees, agents, officers, Directors, owners or affiliates.(e)
The number and experience of Lending Institution employees and other personnel available to originate loans or to act as a conduit for the origination of residential loans acceptable to ODVA.(f)
Status and character of the institution’s loan policies and procedures.(g)
The financial capability of the Lending Institution to originate loans or to act as a conduit for the origination of loans.(h)
The Lending Institution’s qualification as a loan originator or a seller/servicer for the Federal National Mortgage Association, the Federal Home Loan Mortgage Association, or the United States Department of Veterans’ Affairs.(i)
Whether or not the deposits of the Lending Institution are insured by FDIC or some other federal agency or corporation.(j)
The experience, efficiency and performance of the Lending Institution in the area of residential lending and any other area of the Lending Institution’s business.(k)
The willingness and commitment of the Lending Institution to accept and to fulfill the terms of an ODVA proposed contract.(l)
The result of any references which are checked as part of the application process.(5)
“Commitment” means a promise made by the ODVA to an Approved Lender or veteran, evidenced by a written commitment letter, setting forth the terms upon which the ODVA will purchase, originate, or accept by underwriting and closing a specific program loan made or processed by the Approved Lender or ODVA pursuant to a reservation of funds.(6)
“Department” means the Oregon Department of Veterans’ Affairs established under ORS 406.005 (Department of Veterans’ Affairs).(7)
“Director” means the means Director of the Oregon Department of Veterans’ Affairs.(8)
“Home” means a residential structure, including a manufactured home or a condominium unit, which is established, maintained and used primarily as a principal residence by a veteran, and includes real property connected to a residential structure, including any long-term leasehold and any outbuildings.(9)
“Lease” means the giving of possession and use of profits of secured property for a period of time in return for compensation.(10)
“Lease Option” means a lease of real property with an option to purchase the property within a stipulated period of time.(11)
“Lending Institution” means an entity which is licensed, or otherwise legally authorized, to conduct business in the State of Oregon exclusively or in part as a mortgage lender or a conduit for mortgage loans and that, in the judgment of ODVA, is capable of meeting the needs of ODVA in carrying out the purposes of ORS Chapter 407 (Veterans Loans). In determining whether or not an entity that is licensed, or otherwise legally authorized, to conduct business in Oregon exclusively or in part as a mortgage lender or a conduit for mortgage loans is capable of meeting the needs of ODVA in carrying out the purposes of ORS Chapter 407 (Veterans Loans), ODVA may consider factors including, but not limited to the following:(a)
Whether or not the entity qualifies as a “Banking Institution” or similar entity including, but, not limited to an “Extranational Institution,” a “Federal Bank,” a “Federal Savings Bank,” or a “Financial Institution” under ORS 706.005 (Definitions for Bank Act), 706.008 (Additional definitions for Bank Act), 707.744 (Definitions for ORS 707.744 to 707.764), or 723.042 (Interstate credit unions).(b)
Whether or not the entity qualifies as a “mortgage broker” under ORS 59.840 through 59.965 for a period of three years.(c)
Whether or not the representatives of the entity have attended any ODVA-sponsored training.(d)
The reputation of the entity or of any of its employees, agents, officers, Directors, affiliates or owners.(e)
The financial capability of the entity to originate loans or to act as a conduit for the origination of loans.(f)
The entity’s qualification as a loan originator or a seller/servicer for the Federal National Mortgage Association, the Federal Home Loan Mortgage Association, or the United States Department of Veterans Affairs.(g)
The experience, efficiency, and performance of the entity in the areas of residential lending and any other area of the entity’s business.(12)
“Loan Origination Guide/Mortgage Loan Origination Guide” means the manual containing the origination instructions for the Post Vietnam Era Veterans’ Home Loan Program, and any subsequent changes as they are effected.(13)
“Loan to Value Ratio” is the loan amount or balance divided by the net appraised value.(14)
“Manufactured home” means a structure that is:(a)
At least 20 feet in width;(b)
Constructed for movement on the public highways and that has sleeping, cooking and plumbing facilities;(c)
Intended for human occupancy;(d)
Being used for residential purposes;(e)
Classified and taxed as real property in the county where the structure is located; and(f)
Constructed in accordance with the Oregon Manufactured Dwelling Installation Specialty Code adopted under ORS 446.155 (Sanitation and safety requirements) or the Model Manufactured Home Installation Standards established by the Department of Housing and Urban Development.(15)
“Net Appraised Value” means the lesser of the appraised value or the purchase price. The “appraised value” is the value established by an appraisal obtained by or at the direction of the Department, or an appraisal approved by the Department(16)
“ODVA” means the Oregon Department of Veterans’ Affairs established under ORS 406.005 (Department of Veterans’ Affairs).(17)
“Post Vietnam Era Veterans’ Home Loan Program ” means all home loans originated under this Division.(18)
“Qualified Insurer” means a private mortgage insurance company licensed to do business in Oregon and with which ODVA has agreed to accept mortgage insurance coverage. When an ALTA mortgagee’s title insurance policy is in force insuring the State against the usual losses covered by an ALTA policy as well as any loss from any prior encumbrance, and the encumbrance is acceptable to both the veteran and ODVA.(19)
“Rent” means the giving of possession of secured property for occupancy for a specific period of time in return for a stipulated amount of compensation.(20)
“Reservation of Funds” (Rate Lock) means the setting aside of specific funds at a designated interest rate for a specific period of time.(21)
“Resides in the State of Oregon” means a person who:(a)
Maintains a primary legal residence in Oregon, or(b)
Intends to occupy a home in Oregon, secured by an ODVA loan, that will be their primary legal residence.(22)
“Security” means all of the real property that is to be acquired for a home and which serves as collateral for the loan.(23)
“Transfer” means a change of ownership, either by operation of law, act of the parties, or both, such as deed, contract, certificate, court decree, property settlement, foreclosure, easement, condemnation, or adverse possession of the premises.(24)
“Underwriter/Designated Loan Officers” means those employees of ODVA whose paramount responsibility shall be the approval or rejection of all applications for loans.(25)
“Veteran” means a person who:(a)
Resides in the State of Oregon at the time of applying for a loan from the fund;(b)
Is a veteran, as that term is defined by Oregon law in ORS 407.087 (Definition of “veteran”);(c)
Served under honorable conditions on active duty in the Armed Forces of the United States; and(d)
Satisfies the requirements applicable to the funding source for the loan from the Oregon War Veterans’ Fund.
Source:
Rule 274-045-0001 — Definitions for OAR 274-045-0001 to 274-045-0481, https://secure.sos.state.or.us/oard/view.action?ruleNumber=274-045-0001.