Oregon Administrative Code

274-040-0015 Eligibility for Admission to the Oregon Veterans’ Home (1) To be eligible for admission to the Oregon Veterans' Home (Home), an applicant must be: (a) A veteran as defined by United States Code, Title 38, section 101, as currently adopted (This publication is on file…

274-040-0020 Review of Decisions and Procedures for Hearings (1) Any person adversely affected by a decision of an ODVA official may write a letter of complaint to the Director. The Director shall prepare and send a written response within 30 days of receipt of the written compla…

274-040-0025 The Director of Veterans’ Affairs May Accept Gifts, Grants, and Donations for the Veterans’ Home and Its Residents Monetary gifts, grants, and donations will be deposited into the Oregon Veterans’ Home Trust Fund. (1) Any grant, donation, or gift that is accepted by …

274-040-0030 Purpose and Objective (1) It is the expressed policy of the Department of Veterans’ Affairs (Department) to make the Oregon Veterans’ Home (OVH) financially available to current or potential OVH residents by means of the Department's Covered Care Program. (2) Within …

274-040-0031 Applications (1) Applications for assistance from the Covered Care Program account shall be made in such manner and detail, and on such forms, as the Department shall determine. (2) Applications generally will be prioritized for consideration based on the date of com…

274-040-0032 Eligibility Factors When determining to whom Covered Care Program assistance will be made available, the Department may take into consideration various factors, including but not limited to: (1) The amount of funds in the Covered Care Program account available for th…

274-040-0033 Refusing, Terminating or Suspending Funds (1) The payment of Covered Care Program assistance on behalf of any OVH resident is subject to the sole discretion of the Department. The Department may refuse, terminate, or suspend Covered Care Program assistance to any OVH…

274-045-0001 Definitions for OAR 274-045-0001 to 274-045-0481 As used in this Division 45: (1) "Acquisition" means the purchase of a home. (2) "Agreement" means the contract between the Oregon Department of Veterans’ Affairs (ODVA) and the approved lender, setting forth the terms…

274-045-0005 Purpose and Objectives OAR 274, division 045, is established to administer and enforce ORS 407.075 through 407.595. These rules, together with the Post Vietnam Era Veterans' Home Loan Origination Guide/Mortgage Broker Loan Origination Guide, shall implement the Post …

274-045-0010 Eligibility Requirements Eligibility to apply for a loan under this division is subject to the eligibility criteria of Article X1-A of the Oregon Constitution. The acceptance of an application and granting of a loan is further subject to the provisions of ORS Chapter…

274-045-0015 Authority to Protect the Security At the discretion of the Director, funds can be disbursed to make repairs to correct a serious structural, safety, or sanitary deficiency discovered in a property that is security for a loan when it is determined such a disbursement …

274-045-0020 Who May Apply for Loan (1) A loan shall be made only to an individual veteran. (2) Joint loans or loans to a cooperative shall not be valid. Statutory/Other Authority: ORS 406 Statutes/Other Implemented: ORS 407 History: DVA 2-2001, f. & cert. ef. 5-23-01

274-045-0025 Evidence Required to Establish Eligibility The applicant shall submit to the Director the following evidence to establish eligibility: (1) Evidence of service and separation must be documented on DD Form 214, a DD Form 215 Correction to DD Form 214, or other evidence…

274-045-0030 Modification of Application An application may be modified such as to the amount of the loan requested, legal description, amount of security or plans and specifications, but the modification must be requested in writing by the veteran and shall be subject to the app…

274-045-0035 Cancellation of Application (1) An applicant may cancel his or her application for a State veterans' loan at any time prior to receipt of the loan proceeds. (2) The Director may cancel any application if the applicant fails to comply with any of the conditions pertai…

274-045-0040 Security for the Loan (1) The veteran shall own the home offered as security in fee simple at the time the loan is closed. (2) The State shall have the first lien on the security at the time of making the loan. (3) The security for the loan shall consist of real prop…

274-045-0045 Legal Description of Property Offered as Security (1) Property offered as security must have an adequate legal description from which the boundaries of the property may be located. (2) The Director may require a survey to ascertain the boundary lines and location of …

274-045-0050 Appraisal of Property An appraisal shall be made to assist in establishing the loan value only after a complete application has been received. Statutory/Other Authority: ORS 406.030, 407.115 & 407.225(3) Statutes/Other Implemented: ORS 407 History: DVA 2-2001, f. & c…

274-045-0060 Terms of Loan (1) The maximum amount allowed for a loan may not exceed the least of: (a) The maximum original principal balance permitted on a single-family first mortgage loan by the Federal Housing Finance Agency. (b) The maximum loan-to-value ratio or combined loa…

274-045-0070 Interest (1) The Director will prescribe interests rates for loans. In prescribing interest rates, the Director will consider the following factors: (a) The current value of funds; (b) The solvency of the Department's Loan Program; and (c) The rates' effect on vetera…

274-045-0080 Approval of the Loan The approval of any loan shall be dependent upon the following: (1) The veteran applicant must meet the current industry standards determined by the Department to be applicable to the proposed loan. Applicable industry standards may include, but …

274-045-0085 Loan Funding (1) Funding by Oregon Department of Veterans’ Affairs (ODVA) of any loan is subject to the discretion of the Director of Veterans’ Affairs. In determining whether or not to fund any loan, the Director may consider factors, including, but not limited to t…

274-045-0090 Grounds for Refusing to Make a Loan The Director may refuse to make a loan to any applicant if he finds any of the following: (1) Prior loan experience with an applicant was unsatisfactory, including, but not limited to, late payment or nonpayment on loan and impairm…

274-045-0100 Evidence of Title The veteran shall furnish at his or her expense an ALTA Mortgagee's Title Insurance policy for the amount of the loan, a title company lien search, or a certificate of title. (1) The title policy, or other reports, shall show that the State has a fi…

274-045-0110 Escrow Closing of Loans (1) All loans made by the Director of Veterans' Affairs (except for protection of security loans) shall be closed by persons or firms licensed to engage in the escrow business under the Oregon Escrow Laws (ORS 696.505 to 696.590), or an attorn…

274-045-0120 Transfer of Ownership (1) The Director shall be notified in writing of any transfer of ownership or the right to possess property that is used as security for a loan with the Oregon Department of Veterans' Affairs (ODVA). (2) The following are conditions that constit…

274-045-0125 Rental The Director may approve the rental of a security, that has been occupied by the veteran. The Director, when determining whether to approve the rental of a home that serves as security for an ODVA loan, may consider the following factors including but not limi…

274-045-0130 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…

274-045-0140 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…

274-045-0145 Loan Cancellation Life Insurance (1) The Director of the Oregon Department of Veterans' Affairs (Director), prior to obtaining loan cancellation life insurance for any person who receives or assumes a loan or makes a contract with ODVA for the acquisition of a home, …

274-045-0150 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. If for any reas…

274-045-0160 Partial Release of Security (1) A partial release of security may be granted when the borrower submits a complete application for one and the Director determines that granting the requested release would not jeopardize the Department of Veterans' Affairs' security po…

274-045-0170 Confidential Nature of Information Submitted by the Borrower Information submitted by the veteran in support of his or her application shall be considered confidential and shall not be disclosed to persons outside the Department, unless permission is given by the vet…

274-045-0180 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…

274-045-0190 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…

274-045-0200 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…

274-045-0205 Review of Loan Determinations and Other Decisions (1) Any person adversely affected by a decision of an ODVA 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 persona…

274-045-0220 Fees (1) The Director of Veterans' Affairs (Director) imposes fees for the following: (a) New Loan. (b) Partial Release, Easement, and Modification of Mortgage. (c) Dishonored Check. (d) Reissue of Stale, Lost, Destroyed or Missing Document. (e) Mineral Rights and Ge…

274-045-0230 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…

274-045-0240 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…

274-045-0250 Reservation of Funds and Commitments ODVA reserves funds for individual loans in the name of the veteran upon request from an Approved Lender or from authorized ODVA staff. ODVA may solicit applications and accept loan fund reservations from Approved Lender(s) subjec…

274-045-0260 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…

274-045-0270 Hazard Insurance The home securing a program loan shall be covered by hazard insurance, which meets the requirements of the rules and the Post Vietnam Era Veterans' Home Loan Origination Guide/Mortgage Brokers Loan Origination Guide, a copy of the Guide is on file wi…

274-045-0280 Flood Insurance (1) 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 is reviewed and a determination made as to whether flood insurance will be …

274-045-0401 Purpose and Objectives (1) This subsection of division 045 is established to administer the provisions of Article XI-A of the Constitution of the State of Oregon as it applies to ORS Chapter 407. These rules, together with the Processing Manual, shall implement the P…

274-045-0411 Definitions Selected words and terms as used in OAR chapter 274, division 045, are defined as follows: (1) Veterans' Home Improvement loan means a loan or loans issued pursuant to OAR 274-045-0401 for not more than the total loan right where said loan funds are used …

274-045-0421 Interest Rate As provided by ORS 407.327, the interest rate on veterans' home improvement loans for which applications are received on or after June 29, 2001 shall be fixed and consistent with OAR 274-045-0070. Statutory/Other Authority: ORS 406.030, 407.115, 407.125…

274-045-0431 Approval of Veterans' Home Improvement Loans Veterans' home improvement loans will be processed using ODVA Processing Manual and current industry standards determined by the Department to be applicable to the proposed loan. Applicable industry standards may include, …

274-045-0441 Terms and Requirements 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 …

274-045-0451 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 274-045-0220. Statutory/Other Authority: Art. XI-A OR Const. Statutes/Other Implemented: A…