OAR 274-045-0250
Reservation of Funds and Commitments


ODVA reserves funds for individual loans in the name of the veteran upon request from an Approved Lender or from authorized ODVA staff. ODVA may solicit applications and accept loan fund reservations from Approved Lender(s) subject to the terms of the appropriate agreements, and the rate and availability of funds.

(1)

ODVA will reserve funds for applications at the time of:

(a)

Acceptance of application for processing by ODVA; or

(b)

A verbal or written request from an Approved Lender that an application for funding is being processed.

(2)

When ODVA reserves funds, an interest rate will be committed to this reservation and will be effective for a period of 60 days. The loan must be closed before the end of 60 days or the committed interest rate will expire. If the reservation is reissued, will bear an interest rate at the higher of the expired/cancelled rate or the then-current interest rate at the time of reissue. If a veteran withdraws an application and subsequently re-applies for a loan on the same security, the “higher of” rule will apply for a period of 120 days from the date of withdrawal.

(3)

If the loan is not presented to ODVA for purchase with all documentation in place within 90 calendar days of the final HUD-1 settlement date, ODVA may charge the Approved Lender a fee of one basis point of the loan amount per calendar day, until loan is approved for purchased.

(4)

The commitment letter to the Approved Lender will contain the following information:

(a)

The dollar amount of the commitment;

(b)

The interest rate for the loan;

(c)

The term of the loan;

(d)

The mortgage insurance or guarantee required, if any;

(e)

The period of time during which the ODVA will purchase the loan;

(f)

The veteran who will be the borrower;

(g)

The property identification (i.e., property address);

(h)

Any additional information or conditions the ODVA considers appropriate in the commitment.

(5)

The ODVA will promptly notify Approved Lenders when it will not accept a commitment request, for whatever reasons.

Source: Rule 274-045-0250 — Reservation of Funds and Commitments, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=274-045-0250.

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 274-045-0250’s source at or​.us