OAR 274-045-0280
Flood Insurance

(1)

The Director of the Oregon Department of Veterans’ Affairs (Department) shall require that the location of the security on all loan applications received by the Department is reviewed and a determination made as to whether flood insurance will be required as a condition of the loan.

(2)

A flood determination fee will be charged to the borrower equal to the amount charged by the flood determination reporting company at the time the application is submitted.

(3)

All flood determinations are to be provided for the duration of the loan while it exists in the Department’s portfolio (more commonly referred to as life-of-loan tracking).

(4)

The flood determination company must meet the qualifications as determined by the Department by applying relevant industry standards.

(5)

Based on the determination that the security for the loan is located in an area classified as a special flood hazard area, the Director shall require the borrower to purchase flood insurance as a requirement of the loan.

(6)

If following loan closing, it is determined that the security is located within a flood hazard area as defined by the National Flood Insurance Reform Act of 1994 (42 USCS 3701-4370a), the borrower may be required to purchase flood hazard insurance at no cost to the Department. If flood hazard insurance is not voluntarily acquired, the Director may force place said insurance and:

(a)

Disburse all costs associated with the acquisition of the coverage from the escrow account; or

(b)

If there is no established escrow account, disperse all costs of the acquisition and establish an escrow account to cover the cost; and

(c)

Loan payments will be increased to repay the amount advanced.

Source: Rule 274-045-0280 — Flood Insurance, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=274-045-0280.

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 274-045-0280’s source at or​.us