OAR 813-020-0020
Approved Lenders
(1)
A bank, savings bank or other financial institution that is authorized under the laws of a state or of the United States to engage in the business of making secured loans for residential housing may apply to become a lender under the Single Family Mortgage Program. An applicant shall submit to the Department:(a)
An application in the form prescribed by the Department;(b)
An opinion by the counsel of the applicant regarding the power and authority of the applicant to enter into a loan purchase agreement with the Department;(c)
A list of the authorized officers of the applicant and the signature of each officer;(d)
The most recent audited financial statements of the applicant;(e)
Documentation evidencing the applicant’s bond and insurance coverage; and(f)
An application charge in an amount established by the Department for its costs of evaluation and administration.(2)
An applicant may qualify as a lender under the program if the Department determines that the applicant:(a)
Makes loans for single family residences in the regular, usual and normal course of its business;(b)
Has the capability and resources to originate loans under the program in a sound and professional manner; and(c)
Has or will have a valid and binding contract with a loan servicer approved by the Department under OAR 813-020-0050.(3)
A determination by the Department under section (2) of this rule is subject to the Department’s consideration of factors that include but are not limited to the following:(a)
The number and experience of employees available to originate program loans;(b)
The applicant’s financial capability to originate program loans;(c)
The applicant’s qualification as a seller or servicer for the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation or the Federal Housing Administration, or as a “Special Lender” under the federal Servicemen’s Readjustment Act;(d)
Whether the applicant’s deposits are insured by the Federal Deposit Insurance Corporation; and(e)
The applicant’s reputation, experience and performance in the area of residential lending and any other area of the applicant’ business.(4)
Before a lender that is qualified by the Department under section (2) of this rule may make a program loan, the lender shall enter into an agreement with the Department providing for the manner and terms of sale of program loans, according to a standard form prescribed by the Department.
Source:
Rule 813-020-0020 — Approved Lenders, https://secure.sos.state.or.us/oard/view.action?ruleNumber=813-020-0020.