OAR 441-730-0125
Residential Borrower Files for Mortgage Loans

(1)

In addition to any records required to be kept under OAR 441-730-0110 (Accounting Records of Licensee) and 441-730-0120 (Account Record to Be Maintained for Each Loan), a consumer finance company that makes or offers to make a residential mortgage loan must ensure that the following are prepared and maintained in the loan file:

(a)

A summary of the key terms of the approval of the loan;

(b)

A copy of each residential mortgage loan application with the signature and the unique identifier of the mortgage loan originator who took or received the application, who offered to negotiate or negotiated the loan, or who closed the loan;

(c)

A copy of all documentation relied upon in making the loan decision;

(d)

A copy of the borrower executed note and executed trust deed;

(e)

A copy of all correspondence with the borrower in writing or in a format easily converted to writing;

(f)

A copy of the good faith estimate prepared under Regulation X, 24 C.F.R. Part 3500 and translated as applicable to comply with ORS 86A.198 (Materials in languages other than English);

(g)

If required to be prepared for the residential mortgage transaction, a copy of the final credit report, or the report relied upon for the loan decision, if other than the final credit report, received on the borrower including documentation of borrower payment history;

(h)

If required to be prepared for the Oregon residential mortgage transaction, a copy of any disclosure required by Regulation Z, 12 C.F.R. Part 226 and translated as applicable to comply with ORS 86A.198 (Materials in languages other than English), including, but not limited to, the Truth in Lending disclosure statement;

(i)

A copy of the final HUD-1 settlement statement required by 24 C.F.R. Part 3500; and

(j)

A copy of the statement that notifies the borrower that loan documents associated with the transaction will be in English and that advises the borrower to obtain appropriate assistance, with any necessary translations as required by ORS 86A.195 (Restrictions on negative amortization loans).

(2)

Records retained under this rule may be kept in a written format or in a format easily converted to writing.

Source: Rule 441-730-0125 — Residential Borrower Files for Mortgage Loans, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=441-730-0125.

441–730–0000
Statutory Authority 441–730–0010
Definitions 441–730–0015
Licensee Lending Characteristics and Practices 441–730–0025
License Applications 441–730–0026
Corporate Surety Bond for Consumer Finance Licensees Employing a Mortgage Loan Originator 441–730–0027
State Criminal Records Check 441–730–0030
Fees, Charges Licensees Pay the Director 441–730–0050
Notes and Agreements 441–730–0060
Loans Not to Be Payable on Demand 441–730–0070
Advertising Regulations 441–730–0080
Qualifications of Person in Charge of Licensed Office 441–730–0100
Licensee Officers and Directors 441–730–0110
Accounting Records of Licensee 441–730–0120
Account Record to Be Maintained for Each Loan 441–730–0125
Residential Borrower Files for Mortgage Loans 441–730–0130
Maintaining Index of Obligors 441–730–0140
Records and Files Required to Be Kept at Servicing Office 441–730–0150
Consolidating Sales Financing into Direct Loans 441–730–0160
Daily-Interest Computation 441–730–0170
Precomputed Interest 441–730–0180
Deferred Payment on Precomputed Loan 441–730–0200
Action on Precomputed Loan 441–730–0205
Limitation on Charging a Prepayment Penalty by Consumer Finance Licensees 441–730–0210
Recomputation of Interest on Delinquent Precomputed Loan 441–730–0220
Insurance Premium Charges 441–730–0230
Insurance Benefits Paid to Licensee 441–730–0240
Statement of Loan 441–730–0246
Contents of Foreclosure Notices 441–730–0250
Receipt to Be Furnished to Borrower Upon Request 441–730–0255
Payoff Information to be Furnished to Borrower Upon Request 441–730–0260
Advances to Perform Covenants 441–730–0280
Prohibited Provisions in Loan Contract Provisions 441–730–0320
Licensee Reporting
Last Updated

Jun. 8, 2021

Rule 441-730-0125’s source at or​.us