Tag Archive: "Oregon"
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Oregon Implements Provisions Concerning Commercial Construction Lending Exemption
The Oregon Department of Consumer and Business Services implemented provisions concerning commercial construction lending exemption under its licensing of mortgage loan originator regulation. These provisions are effective immediately.
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Oregon Updates Mortgage Lending Rules to Comply with Federal Disclosure Requirements
December 31, 2015By Laura Eckstein, J.D.The Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities, amended its recordkeeping requirements to accommodate the recent changes made by the Consumer Financial Protection Bureau (“CFPB”) to the federally-mandated mortgage disclosures. Since 2011 federal law has mandated that the CFPB establish a single disclosure scheme […]
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Oregon Amends Provisions Regarding Payoff Statements and Borrower Obligations under Real Estate Loan Agreements
By Paul McSheffrey, JDJuly 8, 2015 The Oregon legislature recently passed House Bill 3244, amending Oregon statute ORS 86.157. These changes concern payoff statements and the obligations of borrowers under real estate loan agreements. The definitions found within 86.157(1)(a)-(g) have been amended. The definitions for “borrower” and “lender” now include an assignee or successor in […]
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Oregon Amends Reverse Mortgage Disclosure Provisions
By Margaret Wright, J.D.The Oregon Legislature has enacted House Bill 2532 relating to required disclosures in communications about reverse mortgages. The Act takes effect upon its passage with an operative date of January 1, 2016.The Notice of Reverse Mortgage Prohibition in Homestead Property Tax Deferral Program, ORS 86A.196, has been amended to include additional disclosure […]
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Oregon Amends Provisions Regarding Foreclosure Avoidance Notice
by: Zachary PearlsteinEffective January 31, 2014, the Oregon Department of Justice has revised provisions concerning the foreclosure avoidance measure notice. This update implements the foreclosure avoidance measure notice provisions of Oregon Laws 2013, chapter 304. It provides the form and content of the notice that is to be issued by a beneficiary, when the beneficiary […]
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Oregon Adopts Consumer Finance Licensing Rules
by: Paul McSheffreyThe Oregon Department of Consumer and Business Services has adopted rules establishing the process for accepting consumer finance licensing applications, renewals, and administrative actions via the Nationwide Mortgage Licensing System. The Division of Finance and Corporate Securities has enacted 41-730-0010 regarding definitions, 441-730-0025 regarding license applications, and 441-730-0030 regarding charges to be paid. […]
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Oregon Amends Provisions Regarding Homesteads and Reverse Mortgages
by: Paul McSheffreyThe Oregon Legislative Assembly has amended provisions regarding homesteads and reverse mortgages with Enrolled House Bill 2489. The Bill amends ORS 311.668, 311.672, 311.689, and 311.695. A summary of these changes follows. The Bill provides that the amendments to ORS 311.700 by section 16, chapter 723, Oregon Laws 2011, relating to reverse […]
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Oregon Amends Provisions Regarding Foreclosure Avoidance Mediation Program
by: Paul McSheffreyThe Oregon Department of Justice recently amended its rules required by 2013 legislation to implement the Foreclosure Avoidance Mediation Program established in Oregon Laws 2013, chapter 304. A list of the various rules that were adopted and amended follows. The newly adopted rules include 137-110-0300 and 137-110-0605. Rule 137-110-0300 provides for beneficiary exemptions. […]
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Oregon Modifies Foreclosure Provisions
by: Paul McSheffrey Modifications to Form and Procedure for Foreclosure Avoidance Measure Notices The Oregon Department of Justice as recently amended its rules regarding foreclosure avoidance measure notices. The rules implement the foreclosure avoidance measure notice provisions found in OR Laws 2013, chapter 304. These rules describe and procedure that a beneficiary must follow when […]
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Oregon Enacts Short Sale Provisions Involving Nonprofits in Context of Foreclosure
by: Paul McSheffreyOregon has enacted new provisions regarding residential foreclosures with House Bill 3389. The Act amends Oregon statutes ORS 86.705 and 86.735. One of the amendments regards transactions where a nonprofit entity purchases property subject to a residential trust deed or purchases a note from a beneficiary that secures a grantor’s obligation. In these […]