OAR 813-020-0021
Reservation System

(1)

A lender approved by the Department under OAR 813-020-0020 (Approved Lenders) may apply to the Department for a reservation of Department funds with which the Department may purchase a loan made by the lender under the Single Family Mortgage Program. A lender applies for a reservation by submitting to the Department the name of the applicant for the loan, the address of the property to which the loan applies, the amount of the loan, the acquisition cost and any other information and documents requested by the Department.

(2)

Program loan funds are reserved on a first-come first-served loan by loan basis, except that the Department may also move to the list of approved loan reservations a reservation from a list of standby reservations established by the Department whenever a reservation approved by the Department is cancelled by a lender.

(3)

A lender may assign a reservation approved by the Department to another lender approved by the Department if both lenders consent to the assignment in writing and if the Department authorizes the assignment.

(4)

A lender shall report and confirm to the Department for each reservation, on a regular basis established by the Department, all of the following information:

(a)

The name of the borrower;

(b)

The address of the property to which the loan applies;

(c)

The loan amount; and

(d)

The date on which the loan was cancelled or the dates on which the loan was approved and closed.
[Publications: Publications referenced are available from the agency.]

Source: Rule 813-020-0021 — Reservation System, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=813-020-0021.

Last Updated

Jun. 8, 2021

Rule 813-020-0021’s source at or​.us