OAR 274-045-0230
Approved Lenders

(1)

Any lending institution, as defined in ORS 407.177 (Loan processing and servicing contracts with lending institutions)(8) may apply to become an Approved Lender by submitting to the Director of Veterans’ Affairs (Director) information required by the Director which may include, but is not limited to the following for review:

(a)

An application in the form prescribed by the Director, including a certificate of compliance with tax laws;

(b)

Its counsel’s opinion regarding power and authority of the lending institution to enter into a purchase agreement with the Director;

(c)

A list of authorized officers;

(d)

Its most recent, audited financial statements;

(e)

Financial Statement of Condition (Balance Sheet) for the last two fiscal years and Profit and Loss Statement;

(f)

Resumes of principal officers and key employees;

(g)

Company biography and background;

(h)

Signed and executed broker agreement;

(i)

Resolution of the Board of Directors/Certificate of Authorized Signatures;

(j)

Articles of Incorporation (if incorporated);

(k)

Signed Credit Release Authorization;

(l)

Applicable licenses as required by state and local law;

(m)

Explanation of Quality Control Procedures;

(n)

W-9;

(o)

Any other documentation or information deemed necessary by the Director;

(p)

A credit report fee may be charged to the mortgage broker as part of the approved lender application process in an amount not to exceed the amount charged by the credit-reporting firm. Any funds not used or obligated for a credit report shall be refunded.

(2)

A lending institution will qualify as an Approved Lender if the Director determines that the applicant has the capability and resources to originate only or originate, underwrite and fund loans in a sound and professional manner. The Director shall consider such factors as those itemized in 274-045-0001 (Definitions for OAR 274-045-0001 to 274-045-0481)(4)(a) through (l).

(3)

To become an Approved Lender, a lending institution shall enter into an agreement with the Director, providing for the manner and terms of the sale or processing of loans. This agreement shall be in the standard form prescribed by the Director. Approved Lenders shall carry out such agreement in accordance with the procedures set forth in the agreement, the rules, and the Post Vietnam Era Veterans’ Home Loan Origination Guide/Mortgage Brokers Loan Origination Guide. The Director may revise such procedures from time to time. The Director may terminate its agreement with an Approved Lender at any time on the terms and conditions stated in such agreement, the rules, or the Post Vietnam Era Veterans’ Home Loan Origination Guide/Mortgage Brokers Loan Origination Guide.
[Publications: Publications referenced are available from the agency.]

Source: Rule 274-045-0230 — Approved Lenders, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=274-045-0230.

274‑045‑0001
Definitions for OAR 274-045-0001 to 274-045-0481 274‑045‑0005
Purpose and Objectives 274‑045‑0010
Eligibility Requirements 274‑045‑0015
Authority to Protect the Security 274‑045‑0020
Who May Apply for Loan 274‑045‑0025
Evidence Required to Establish Eligibility 274‑045‑0030
Modification of Application 274‑045‑0035
Cancellation of Application 274‑045‑0040
Security for the Loan 274‑045‑0045
Legal Description of Property Offered as Security 274‑045‑0050
Appraisal of Property 274‑045‑0060
Terms of Loan 274‑045‑0070
Interest 274‑045‑0080
Approval of the Loan 274‑045‑0085
Loan Funding 274‑045‑0090
Grounds for Refusing to Make a Loan 274‑045‑0100
Evidence of Title 274‑045‑0110
Escrow Closing of Loans 274‑045‑0120
Transfer of Ownership 274‑045‑0125
Rental 274‑045‑0130
Modification of Mortgage 274‑045‑0140
Temporary Reduction of Payments 274‑045‑0145
Loan Cancellation Life Insurance 274‑045‑0150
Property Tax Amortization and Escrow Accounting 274‑045‑0160
Partial Release of Security 274‑045‑0170
Confidential Nature of Information Submitted by the Borrower 274‑045‑0180
Confidential Nature of Information Procured by the Director 274‑045‑0190
Disclosure of Information and Fees 274‑045‑0200
Director’s Decisions Control in All Controversies 274‑045‑0205
Review of Loan Determinations and Other Decisions 274‑045‑0220
Fees 274‑045‑0230
Approved Lenders 274‑045‑0240
Loan Requirements 274‑045‑0250
Reservation of Funds and Commitments 274‑045‑0260
Title Insurance 274‑045‑0270
Hazard Insurance 274‑045‑0280
Flood Insurance 274‑045‑0401
Purpose and Objectives 274‑045‑0411
Definitions 274‑045‑0421
Interest Rate 274‑045‑0431
Approval of Veterans’ Home Improvement Loans 274‑045‑0441
Terms and Requirements of Veterans’ Home Improvement Loans 274‑045‑0451
Appraisal of Property 274‑045‑0461
Transfer of Ownership 274‑045‑0471
Taxes, Hazard Insurance and Flood Insurance 274‑045‑0481
Title Insurance
Last Updated

Jun. 8, 2021

Rule 274-045-0230’s source at or​.us