Oregon Administrative Code

274-020-0381 Rental The Director may approve the rental of a security, defined as a first lien interest of a home or farm, that has been occupied by the veteran as long as the rental shall not affect the tax exempt status of bonds issued by the Department. The Director, when dete…

274-020-0382 Interest Rate Payable When Property Transferred Back to Original Borrower The interest rate on a loan secured by property transferred back to the original borrower depends upon whether the original borrower has an outstanding loan, with the interest rate under ORS 40…

274-020-0385 Modification of Mortgage (1) A request for modification of a mortgage must be made in writing by the borrower. (2) The borrower and the Director shall agree in writing to the terms of the modification, and it shall be recorded in the mortgage records in the county wh…

274-020-0386 Temporary Reduction of Payments (1) In the event a veteran is unable to make required loan payments due to loss of income because of illness, injury, death, involuntary job loss, or economic stress due to factors beyond the veteran’s control, the veteran may apply fo…

274-020-0387 Reamortization of Loans The Director of Veterans’ Affairs may adjust payments and other terms of the loan under the following conditions: (1) Tax adjustments. (2) A change in the interest rate. (3) A change in the insurance premiums. (4) Errors or omissions on the op…

274-020-0388 Property Tax Amortization and Escrow Accounting (1) Except as otherwise provided herein, payments required on all loans shall include an amount, which represents advances, for taxes paid by the Director of Veterans' Affairs (Director) on the security: (a) The amounts…

274-020-0391 Discount for Early Payoff (1) The balance on some loans and contracts may be discounted in consideration of the loan or contract being paid in full before its final payment date. The amount of the discount will be based upon a mathematical computation which uses a di…

274-020-0395 Partial Release of Security (1) A partial release of security may be granted when the borrower or the contract purchaser of a State-owned property submits a complete application for one and the Director determines that granting the requested release would not jeopard…

274-020-0405 Confidential Nature of Information Submitted by the Borrower Information submitted by the veteran in support of his application shall be considered confidential and shall not be disclosed to persons outside the department, unless permission is given by the veteran to…

274-020-0410 Confidential Nature of Information Procured by the Director Information secured by the Director in connection with a veteran’s application for a loan shall be considered confidential and shall not be disclosed to persons outside the employ of the department, unless s…

274-020-0411 Disclosure of Information and Fees (1) Information in the custody of the Director of Veterans' Affairs (director) will be disclosed, or protected from disclosure, consistent with the provisions of ORS Chapter 192. (2) Requests for information can be made verbally, bu…

274-020-0420 Director’s Decisions Control in All Controversies (1) The Director shall make all determinations as to the applicant’s eligibility for a loan. (2) The Director shall make all determinations, based upon data and information in the file, as to whether the property offe…

274-020-0421 Review of Loan Determinations and Other Decisions (1) Any person adversely affected by a decision of a DVA official may write a letter of complaint to the Director. The Director or other designated official shall prepare and deposit in the ordinary mail, or personall…

274-020-0430 Effect These rules and regulations shall have the effect of law and shall be binding in all instances on persons making application for a loan under Article XI-A of the Oregon Constitution and ORS 407.075 to 407.595, but if any part of the regulations are found to be…

274-020-0440 Fees (1) The Department charges fees as provided in section (3) of this rule for the following processes: (a) New Loan. (b) Assumption of a loan by and eligible veteran. (c) Transfer of Ownership. (d) Partial Release, Easement, and Modification of Mortgage. (e) Timbe…

274-020-0445 Assumption of Loan by Eligible Veteran When a veteran who is eligible to assume a loan under the provisions of ORS 407.305 seeks to acquire property and wishes to assume liability on the loan, the Director of Veterans' Affairs will approve the assumption subject to t…

274-020-0450 Due on Sale (1) By ORS 407.335(5) the Director has discretion to decide when a second sale or transfer of the property, or any part thereof, securing an ODVA loan, will cause the entire balance of the loan to be immediately due and payable. (2) Effective with sales, …

274-021-0005 Foreclosed and Deeded Property (1) When the Department sells a property acquired under ORS 407.135 and 407.145(1), the sale will be conducted under the provisions in ORS 407.375 and the following terms: (a) The Department must first offer the property by sealed bid. …

274-021-0010 Escrow Closings of Contract Sales Effective with offers accepted by the Director after June 30, 1988: (1) All contract sales of real or personal property by the Director of Veterans' Affairs shall be closed by a person or firm licensed as an escrow agent under the Or…

274-021-0015 Mineral Rights and Geothermal Resource Rights (1) As used in this rule “mineral” means oil, gas, sulfur, coal, gold, silver, copper, lead, cinnabar, iron, manganese and other metallic ore, and any other solid, liquid or gaseous material or substance excavated or othe…

274-021-0020 Forcible Entry and Wrongful Detainer Pursuant to ORS 105.130(5), in any action brought by the State of Oregon by and through the Director of Veterans' Affairs, pursuant to the provisions of ORS 105.105 to 105.168, to recover the possession of premises to which the Di…

274-022-0005 Loan Cancellation Life Insurance (1) The Director of Veterans’ Affairs (DVA), prior to obtaining loan cancellation life insurance for any person who receives or assumes a loan or makes a contract with DVA for the acquisition of a home or farm, and the spouse or forme…

274-025-0010 Purpose and Objectives This Division 25 is established to administer and enforce ORS 407.075 through 407.595. Where context allows, the provisions of Divisions 20, 21, and 22, apply equally to the loans originated after April 1, 1990. The loans originated under this …

274-025-0020 Approved Lenders (1) Any lending institution, as defined in ORS 407.177(8) may apply to become an Approved Lender by submitting to the Director of Veterans' Affairs (director) information required by the Director which may include, but is not limited to the following…

274-025-0030 Loan Requirements (1) To be eligible for purchase or underwriting and closing by the ODVA pursuant to a commitment to an approved lender, a program loan shall be made or processed by the approved lender during the period of that commitment. The loan shall comply with…

274-025-0040 Reservations of Funds and Commitments (1) Under the Veterans’ Loan Program 1990, the Oregon Department of Veterans’ Affairs (ODVA) reserves funds for individual loans in the name of the veteran upon request from an Approved Lender or from authorized ODVA staff. ODVA …

274-025-0050 Title Insurance Each loan shall be covered by a title insurance policy issued in American Land Title Association (ALTA) form by a title insurer licensed by the State of Oregon. Such policy shall be in an amount at least equal to the outstanding principal balance of t…

274-025-0060 Hazard Insurance The home securing a program loan shall be covered by hazard insurance, which meets the requirements of the rules and the Loan Origination Guide/Mortgage Brokers Loan Origination Guide. Such hazard insurance shall be in effect prior to purchase or fun…

274-025-0070 Flood Insurance (1) Beginning September 1, 1995, the Director of the Oregon Department of Veterans' Affairs (Department) shall require that the location of the security on all loan applications received by the Department be reviewed and a determination made as to whe…

274-028-0001 Purpose and Objectives (1) This division is established to administer the provisions of ORS 407.145 and 407.225. These rules, together with the Processing Manual, shall implement the Veterans' Home Improvement Loan Program. (2) The program's objective is to provide f…

274-028-0005 Definitions Selected words and terms as used in OAR chapter 274, division 028, are defined as follows: (1) Veterans' Home Improvement loan means a loan or loans issued pursuant to OAR 274-028-0001 for not more than the total loan right where said loan funds are used …

274-028-0010 Interest Rate (1) The Director may prescribe interest rate(s) on veterans' home improvement loans in a manner consistent with OAR 274-020-0341. The prescribed interest rates shall be "fixed interest rates" consistent with the usage of that term in ORS Chapter 407. (2…

274-028-0015 Approval of Veterans’ Home Improvement Loans Veterans' home improvement loans will be processed using current industry standards determined by the Department to be applicable to the proposed loan as they relate to the borrower's ability and willingness to repay and t…

274-028-0020 Terms of Veterans’ Home Improvement Loans (1) The veterans' home improvement loan must be placed in the first lien position on the security or be an immediate subsequent lien to an existing ODVA lien. The first ODVA lien and any immediate subsequent lien made on the …

274-028-0025 Appraisal of Property An appraisal may be made at the discretion of the director to assist in establishing the net appraised value. A fee will be charged in accordance with OAR 274-020-0440. Statutory/Other Authority: ORS 406.030 & 407.115 Statutes/Other Implemented:…

274-028-0030 Transfer of Ownership (1) The director may declare all veterans’ home improvement loan sums to be immediately due and payable if all or part of the security is sold or otherwise transferred by the borrower to anyone other than those qualified persons identified in OR…

274-028-0035 Taxes, Hazard Insurance and Flood Insurance (1) For veterans' home improvement loans which are subsequent to an existing loan, the director may pay property taxes or hazard or flood insurance on the existing loan until the existing loan is paid in full, after which i…

274-028-0040 Title Insurance Each loan shall be covered by a title insurance policy as designated by the director at the borrower’s expense. Statutory/Other Authority: ORS 407.115, 407.177, 407.179 & 407.181 Statutes/Other Implemented: ORS 407.115, 407.177, 407.179 & 407.181 Hist…

274-030-0500 Definitions for Division 30 (1) “Accredited” means an individual officially recognized and authorized by the United States Department of Veterans Affairs (USDVA) to assist in the preparation, presentation, and prosecution of a claim for USDVA benefits. (2) "Advisory …

274-030-0505 Application for Funds by a Veterans’ Organization A veterans’ organization applying for funds under ORS 406.310 must submit a written application to the Department, on an approved form, on or before August 15 of the application year. The application shall include the…

274-030-0515 Distribution of Funds to a Veterans’ Organizations (1) The Department shall review the applications and qualifications of each veterans’ organization that applied for funds and distribute the funds appropriated to qualified veterans’ organizations based on the number…

274-030-0520 Quarterly Reports and Audits from Veterans’ Organizations (1) Veterans' organizations that receive funds from the Department shall submit quarterly reports of the activities of their accredited veteran service officers and program expenses on an approved form. The De…

274-030-0525 Fiscal Division of Funds for Veterans’ Organizations The Department shall not disburse more than one-half of the funds available for disbursement to veterans' organizations under ORS 406.310 during the first 12 months of the Department’s fiscal biennium. Statutory/Ot…

274-030-0535 Limitation on Distribution of Funds to Veterans’ Organizations The Department shall not allocate funds to a veterans’ organization in an amount that is more than 50 percent of the organization’s approved budget. However, if the national headquarters of a state vetera…

274-030-0541 Application of Rules The rules under OAR 274-030-050 and 274-030-0541through 274-030-630 apply to all funds allocated to the Department and distributed to the counties under ORS 406.310 (Director authorized to aid veterans organizations) and under ORS 406.454 (Distri…

274-030-0545 County Application for Funds (1) A county applying for funds under ORS 406.310 and ORS 406.454 must submit written application to the Department, on an approved form, on or before August 15 of the application year. The application shall include budget reports, revenu…

274-030-0550 Late Applications The Director may approve a distribution of funds to a county that files an application under OAR 274-030-0550 after August 15 only if sufficient funds are available. Statutory/Other Authority: ORS 406 Statutes/Other Implemented: ORS 406.030, 406.215…

274-030-0560 Quarterly Reports and Audits (1) A county must submit quarterly reports and supporting documentation described in subsection (2) of this rule no later than the last working day of the month following the end of a fiscal quarter. (2) The Department will distribute fun…

274-030-0565 Fiscal Division of Funds The Department shall not disburse more than one-half of the total funds available for distribution to a county under ORS 406.310 and 406.454 during the first 12 months of the Department’s fiscal biennium. Statutory/Other Authority: ORS 406 St…

274-030-0570 Formula for the Distribution of Funds to Counties under ORS 406.310 and 406.454 (1) The formula in subsection (2) of this rule for the distribution of funds described in ORS 406.310 and 406.454 to the counties is based on the consideration of the following factors: (…