(1)The Director will prescribe interests rates for loans. 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 periodically may change the prescribed rates of interest for loans to be funded by the Department to reflect reconsideration of, or changes in, factors considered under sections (1) and (2) of this rule, or in consideration of additional factors.
(4)The Director may prescribe different rates of interest for 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.
(5)The Department will endeavor to record prescribed interest rates as reasonably as it is practical for the Department to do so, in its Tables and Codes Manual. This publication will be available for viewing at the Oregon Department of Veterans’ Affairs, 700 Summer Street NE, Salem, Oregon, as permitted by the Department, during regular business hours.
Rule 274-045-0070 — Interest,