Oregon Administrative Rules|Section 813-020-0045 - Lender Action on Loan Application

                                                
Current through Register Vol. 60, No. 12, December 1, 2021 
(1) A lender shall proceed in good faith to process a loan application under the Single Family Mortgage Program and shall make the program loan if the lender determines that: 
(a) Loan funds are available;
 
(b) The application is complete;
 
(c) The application appears to comply with the rules of this division and the terms of the applicable loan agreement; and
 
(d) The applicant appears to be a borrower who is eligible for a loan under OAR 813-020-0030.
 
 
(2) A person who is refused a program loan by a lender may demand of the lender, in writing, a written explanation of the specific reasons for the refusal. The lender shall comply with the demand not later than the 30th day after the date on which the lender receives the demand.
 
Or. Admin. R. 813-020-0045
1HD 14, f. & ef. 10-3-77; 1HD 3-1979, f. & ef. 6-29-79; 1HD 9-1984, f. & ef. 9-4-84; HSG 3-1989(Temp), f. & cert. ef. 6-8-89; HSG 10-1989, f. & cert. ef. 11-3-89; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 8-1991, f. & cert. ef. 12-23-91; HSG 4-1995, f. & cert. ef. 9-28-95; OHCS 8-2011(Temp), f. & cert. ef. 9-30-11 thru 3-27-12; OHCS 1-2012, f. & cert. ef. 3-27-12
Stat. Auth.: ORS 456.555
 
Stats. Implemented: ORS 456.620456.625, 456.635 & 456.640