Oregon Origination Reference Guide
- Kacey Olson
Owned by Kacey Olson
| Citation | Topic | Requirement |
| Mortgage Lender Law / Or. Admin. Rules §441-875-0030(8) | Advance Fee Agreement | In the event that a licensee accepts fees in advance of completing professional services, or accepts fees paid as a retainer to secure the availability of the licensee, or accepts a consulting fee for professional services, the fees must be refundable and are trust funds unless the licensee provides written notice to the client prior to or at the time of receipt of the fees that these fees are not refundable. |
| Reverse Mortgages / Or. Rev. Stat. §86A.196 | Deferral of Homestead Tax | Before entering into an agreement with a borrower for a reverse mortgage, the lender must notify the borrower in writing of the provisions of Or. Rev. Stat. §311.700(2) |
| Mortgages and Liens / Or. Rev. Stat. §86.255 | Escrow Account Option Notice | Arrangements where security protection provisions not required; information to borrower. In any real estate loan agreement with respect to which a lender does not require a lender’s security protection provision, the parties may mutually agree to any arrangement whereby the borrower prepays, pledges or otherwise commits assets in advance of due dates for payment of property taxes, insurance premiums and similar charges relating to the real property in order to assist the borrower in making timely payments of the charges. Prior to entering any such arrangement, the lender shall furnish the borrower a statement in writing, which may be set forth in the loan application:      (1) That the arrangement is not a condition to the real estate loan agreement;      (2) If it is an escrow account, whether or not the lender will pay interest and if interest is to be paid, the rate of interest; and      (3) Whether or not the borrower must pay the lender a charge for the service. If a charge is agreed to, the charge shall not exceed the amount of interest income earned under subsection (2) of this section. [1975 c.337 §10] |
| Mortgage Lender Law / Or. Admin. Rules 441-865-0060(1) | Interest Rate Lock-Float Agreement | In the case of residential loans and applications for residential loans, a licensee must maintain a borrower acknowledged statement that a loan interest rate will float or a copy of the executed lock agreement. The lock agreement must specify at a minimum: (1) the date of the agreement; (2) file identification, and property address; (3) lock-in rate; (4) lock expiration date; (5) disclosure that the lock may be subject to change if any of the loan factors change; (6) disclosure that if the lock expires, the rate and points are subject to change; and (7) the term of the loan. |
| Mortgage Loan Originator Law / Or. Rev. Stat. §86A.239 | NMLS Unique Identifier | A mortgage loan originator must clearly display their unique identifier as assigned by the NMLS on all residential mortgage loan application forms, solicitations, advertisements, promotional materials or websites the mortgage loan originator uses. |
| Mortgage Lender Law / Or. Rev. Stat. §86A.198 | Non-English Communications Disclosure | The following provision applies if a mortgage banker, mortgage broker or mortgage loan originator: (1) causes to be communicated an advertisement in a language other than English or otherwise solicits business in a language other than English; and (2) offers to negotiate or make, or negotiates or makes, a residential mortgage transaction in the course of which a substantial portion of the communication with the borrower that is related to the transaction takes place in the language other than English that was used to communicate the advertisement or make the solicitation. A mortgage banker, mortgage broker or mortgage loan originator that takes an action described above must provide the following materials to the borrower in English and in the language other than English in which a substantial portion of the communication that is related to the transaction takes place: (1) a good faith estimate required under the Real Estate Settlement Procedures Act; 12 U.S.C. 2601 et seq. and under Regulation X 24 C.F.R. part 1024; (2) the disclosures related to the transaction that are required under the Truth in Lending Act; and (3) a statement notifying the borrower that loan documents associated with the transaction will be in English and advising the borrower to obtain appropriate assistance with any necessary translations. |
| Mortgage Lender Law / Or. Admin. Rules §441-875-0030(8) | Non-Refundable Advance Fee Agreement | In the event that a licensee accepts fees in advance of completing professional services, or accepts fees paid as a retainer to secure the availability of the licensee, or accepts a consulting fee for professional services, the fees must be refundable and are trust funds unless the licensee provides written notice to the client prior to or at the time of receipt of the fees that these fees are not refundable. |
| Insurance / Or. Rev. Stat. §746.215(2) | Right to Choose Insurance Provider | Notice that insurance related to the credit extension may be purchased from an insurer or insurance producer of the customer's choice. |
| Mortgages and Liens / Or. Rev. Stat. §86.255 | Security Protection Notice | In any real estate loan agreement with respect to which a lender does not require a lender's security protection provision, the parties may mutually agree to any arrangement whereby the borrower prepays, pledges or otherwise commits assets in advance of due dates for payment of property taxes, insurance premiums and similar charges relating to the real property in order to assist the borrower in making timely payments of the charges. Prior to entering any such arrangement, the lender must furnish the borrower a statement in writing (1) that the arrangement is not a condition to the real estate loan agreement; (2) if it is an escrow account, whether or not the lender will pay interest and if interest is to be paid, the rate of interest; and (3) whether the borrower must pay the lender a charge for the service. If a charge is agreed to, the charge may not exceed the amount of interest income earned. |