Oregon Servicing Reference Guide
- Kacey Olson
| Citation | Topic | Requirement |
| Administrative Rules / Or. Admin. Rules 137-110-0300 | Beneficiary Exemption Affidavit | Exemption requests on or after August 4th, 2013. The requirements of SB 558 do not apply to a beneficiary who submits to the Attorney General a sworn affidavit that states that during the preceding calendar year the beneficiary did not commence more than 175 actions to foreclose a residential trust deed by advertisement and sale under ORS 86.735 or by suit under ORS 88.010. Complete the form listed below and send a copy to DOJ@foreclosuremediationOR.org or mail it to: Oregon Foreclosure Avoidance Program, Oregon Department of Justice, 1162 Court Street NE, Salem, OR 97301-4096. |
| Administrative Rules / Or. Admin. Rules 137-110-0670(1) | Certificate of Compliance | The service provider must issue a certificate of compliance if: (a) the grantor fails to timely pay the fee required by Or Laws 2013, chapter 304, section 3(2)(a) and OAR 137-110-200; or (b) the service provider receives a report from the facilitator that states the resolution conference has concluded and the service provider's records demonstrate that the beneficiary has: (A) submitted the materials required under section 3(4) of Oregon Laws 20/3, chapter 304, to the service provider; (B) appeared in person at, or sent an agent to, the resolution conference with complete authority to negotiate on the beneficiary's behalf and commit the beneficiary to a foreclosure avoidance measure, or if the beneficiary or agent did not have complete authority, required the participation by remote communication of a person with complete authority to negotiate on the beneficiary's behalf and commit the beneficiary to a foreclosure avoidance measure; (C) signed a document that sets forth the terms of any foreclosure avoidance measure to which the beneficiary and the grantor agreed; and (D) complied with sections 2,3, and 4 of Oregon Laws 2013, chapter 304. |
| Mortgage Lender Law / Or. Admin. Rules 441-870-0050(1) | Disclosure to Investor | Must provide a written disclosure to an investor, prior to the time of sale of any interest in real estate paper. |
| Or. Rev. Stat. §86.794 | Distribution of Proceeds of Sale | The trustee shall apply the proceeds of the trustee’s sale as follows: (1) To the expenses of the sale, including the compensation of the trustee, and a reasonable charge by the attorney. (2) To the obligation secured by the trust deed. (3) To all persons having recorded liens subsequent to the interest of the trustee in the trust deed as their interests may appear in the order of their priority. (4) The surplus, if any, to the grantor of the trust deed or to the successor in interest of the grantor entitled to such surplus. [Formerly 86.765] |
| Administrative Rules / Or. Admin. Rules 137-120-0020(1) | Foreclosure Avoidance Measure Notice | If the beneficiary determines that a grantor is not eligible for a foreclosure avoidance measure or that the grantor has not complied with the terms of a foreclosure avoidance measure to which the grantor has agreed, the beneficiary must mail a written notice, at least 30 days before the date specified for the trustee’s sale, to the grantor after making the determination. |
| Mortgages and Liens / Or. Rev. Stat. §86.756 | Foreclosure Notice | (1) If a notice of default is recorded for property that is subject to a residential trust deed, the sender of a notice of sale under ORS 86.764 shall, on or before the date the notice of sale is served or mailed, give notice under this section to the grantor by both first class and certified mail with return receipt requested to all addresses on file with the sender for the grantor, including post office boxes. |
| Mortgages and Liens / Or. Rev. Stat. §86.165(3) | Late Charge Notification | Unless the note or mortgage held by the lender provides for payment of a late charge on delinquent periodic installments and a monthly billing, coupon or notice is provided by the lender disclosing the date on which periodic installments are due and that a late charge may be imposed if payment is not received by lender within 15 days thereafter. |
| OR Mortgage Loan Servicer Practices Act | Or. Rev. Stat. §86.165 | Late Payment Fees | (1) With respect to any periodic installment payment received by it within 15 days after the due date. However, if the 15-day period ends on a Saturday, Sunday or legal holiday the 15-day period is extended to the next business day. (2) In a dollar amount which exceeds five percent of the sum of principal and interest of the delinquent periodic installment payment or the amount provided in the note or mortgage held by the lender, whichever is the lesser. |
| Insurance / Or. Rev. Stat. §746.201(1) | Lender Placed Insurance Notice | Must be provided if the loan agreement contains a provision authorizing the lender to place insurance on the property. Notice may be included in the contract or loan agreement, or as a separate document. |
| Or. Rev. Stat. §86.752(3) | Notice of Default | A trustee may not foreclose a trust deed by advertisement and sale in the manner provided in ORS 86.764 (Notice of sale for certain persons) to 86.782 (Sale of property) unless: (3) The trustee or beneficiary has filed for recording in the county clerk’s office in each county in which the trust property, or some part of the trust property, is situated, a notice of default containing the information required by ORS 86.771 (Contents of notice of sale) and containing the trustee’s or beneficiary’s election to sell the property to satisfy the obligation. |
| Property Rights and Transactions / Or. Rev. Stat. §93.740(4) | Notice of Pendency of an Action (Optional Form) | In all suits concerning liens on real property, a party may record with the recorder of deeds of the county in which the property lies a notice of the pendency of the action containing the names of the parties, the object of the suit, and the description of the real property. |
| MERS / Or. Rev. Stat. §86.726 | Notice of Resolution Conference | A beneficiary that intends to foreclose a residential trust deed must first request a resolution conference with the grantor before the beneficiary or the trustee files a notice of default. |
Mortgages and Liens / Or. Rev. Stat. §86.764 | Notice of Sale - Non-Judicial | (1) After recording a notice of default as provided in ORS 86.752 and at least 120 days before the day the trustee conducts the sale, notice of the sale with the contents described in ORS 86.771 must be served pursuant to ORCP 7 D(2) and 7 D(3) or mailed by both first class and certified mail with return receipt requested. (2)(a) Except as provided in paragraph (b) of this subsection, a copy of the notice of sale must be published in a newspaper of general circulation in each of the counties in which the property is situated once a week for four successive weeks. The last publication must be made more than 20 days prior to the date the trustee conducts the sale. (3) At or before the time the trustee conducts the sale, the trustee shall file for recording in the official record of the county or counties in which the property described in the deed is situated the following affidavits with respect to the notice of sale: (a) An affidavit of mailing, if any; (b) An affidavit of service, if any; (c) An affidavit of service attempts and posting, if any; and (d) An affidavit of publication. (2)(a) The trustee or the attorney for the trustee, or an agent that the trustee or the attorney designates, may postpone the sale for one or more periods that total not more than 180 days from the original sale date, giving notice of each postponement by public proclamation made at the time and place set for sale. The trustee, the attorney or an agent that the trustee or the attorney designates may make the proclamation. (b) If a person postpones the sale date as provided in paragraph (a) of this subsection, the trustee, in the manner provided for the notice of sale under ORS 86.764 (1), shall provide written notice of the new time, date and place for the sale to the grantor and to any person to whom notice of the sale was given under ORS 86.771. The notice must be given at least 15 days before the new sale date. The person may postpone the sale once, for not more than two calendar days, without giving notice as provided in this paragraph. The person may not postpone the sale for more than two calendar days or more than once without giving notice as provided in this paragraph. (d) If the publication of the notice of sale was not completed before the date the foreclosure proceedings were stayed by order of the court, by proceedings in bankruptcy or for any other lawful reason, after release from the stay, in addition to complying with the provisions of paragraphs (b) and (c) of this subsection, the trustee shall complete the publication by publishing an amended notice of sale that states that the notice has been amended following release from the stay and that contains the amended date of sale. The amended notice must be published in a newspaper of general circulation in each of the counties in which the property is situated once a week for four successive weeks, except that the required number of publications must be reduced by the number of publications that were completed before the effective date of the stay. The last publication must be made more than 20 days before the date the trustee conducts the sale. |
| Mortgages and Liens / Or. Rev. Stat. §86.771 | Notice to Residential Tenants | If the property includes one or more dwelling units that are subject to ORS chapter 90, include a notice addressed clearly to any individual who occupies the property and who is or might be a residential tenant. See Or. Rev. Stat. §86.745 for additional information. |
| Mortgages and Liens / Or. Rev. Stat. §86.782 | Notice to Residential Tenants of Change in Ownership | If property purchased at the trustee's sale includes 1 or more dwelling units that are subject to ORS Chapter 90, the purchaser must provide written notice of change in ownership to the occupants of each unit within 30 days after the date of sale and before or concurrently with service of a written termination notice. |
Mortgage Lender Law & Consumer Finance Act / Or. Admin. Rules §441-870-0040 | Prepayment Penalty Disclosure | MLA - If a residential loan agreement provides for a penalty to be charged for repaying the loan prior to the date provided for repayment in the loan agreement, it is a manipulative, deceptive, or fraudulent act or practice to fail to provide in writing of a size equal to at least 10-point bold or underlined type a specific notice. If a residential loan agreement authorizes the lender to refuse to accept repayment of the loan prior to the date provided for repayment in the loan agreement, it constitutes a manipulative, deceptive, or fraudulent act or practice to fail to provide in the loan agreement in writing of a size equal to at least ten-point bold or underlined type a specific disclosure. CFA - If a loan agreement provides for a penalty to be charged for repaying the loan prior to the date provided for repayment in the loan agreement, the loan agreement must contain in printing or writing of a size equal to at least 10-point bold or underlined type a specific notice. |
| Judgements / Or. Rev. Stat. §18.950(5) | Proceeds of Sale | Upon receipt of the proceeds of the execution sale of real property, the judgment creditor shall file a satisfaction document as provided in ORS 18.225 for the amount credited against any money award portion of a judgment. The judgment debtor or other person with an interest in the real property may request in writing to the judgment creditor that the judgment creditor file a satisfaction document. If the judgment creditor does not file a satisfaction document within 10 days after receiving the request, the person making the request may file a motion under ORS 18.235. If the court finds that the judgment creditor failed to file a satisfaction document under ORS 18.225 within 10 days after receiving a written request under paragraph (b) of this subsection, the court may render a supplemental judgment awarding reasonable attorney fees to the person making the motion, unless the judgment creditor establishes that the failure to file the satisfaction document was not the fault of the judgment creditor. Effective 01/01/2018 |
| Mortgages and Liens / Or. Rev. Stat. §86.720 | Release of Lien | Within 30 days after performance of an obligation secured by a trust deed, the beneficiary must deliver a written request to the trustee to reconvey the real property described in the trust deed to the grantor. Within 30 days after the beneficiary delivers the request, the trustee must reconvey the real property described in the trust deed to the grantor. If a full reconveyance of a trust deed has not been executed and recorded within 60 calendar days of the date the obligation secured by the trust deed was fully satisfied, a title insurance company or agent may prepare, execute and record a release of trust deed in accordance with Or. Rev. Stat. §86.720(3). |
| Mortgage Lending / Or. Rev. Stat. §86A.196(3)(a) | Reverse Mortgage Annual Tax Notice | (3)(a) A lender who has a contract with a person for a reverse mortgage each year shall send a notice with the information specified in subsection (2)(a)(D) of this section to the person or to any escrow agent, title insurance company or other agent that pays property taxes from an escrow account on the person’s behalf. The lender shall send the notice to the person at the person’s last-known address or to the escrow agent, title insurance company or other agent at the address the lender has in the lender’s records for the escrow agent, title insurance company or other agent. The lender shall send the notice at least 60 calendar days before property taxes are due for the property that is subject to the reverse mortgage. Effective 01/01/2018 |
| Administrative Rules / Or. Admin. Rules 137-110-0610(1) | Universal Intake Form | The grantor must provide the Intake Form 610 to the mediation service provider at least 15 days prior to the first scheduled mediation session. |