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5/7/08 Oregon
adopted rules establishing additional advertising restrictions
and disclosure requirements under the Oregon Mortgage Lender
Law. The new advertising restrictions add to the list of
practices considered to be false, misleading or deceptive, and
affect the advertising of "stated income" and "stated asset"
loan products and negative amortization loans. In addition,
mortgage bankers or loan originators who have a business
relationship with a builder or a realtor who is a party to the
loan transaction must make additional disclosures to the
borrower before negotiating any loan terms. The rules went into
effect on May 7, 2008.
5/6/08 - Oregon Adopts Temporary Rule to Require Reports From
Mortgage Bankers and Brokers. On May 6, the Oregon Department of
Consumer and Business Services, Division of Finance and
Corporate Securities (the "Department"), implemented S.B. 1064
by adopting a temporary rule, Or. Admin. Rule 441-865-0022,
which requires mortgage bankers and mortgage brokers to file a
report with the Department concerning their residential mortgage
activity, and specifies what data must be included in such
report. The temporary rule requires mortgage bankers and
mortgage brokers to report the types of loans made, the purpose
of the loans, and the loans' features (e.g., variable interest
rates, prepayment penalties, etc.). The temporary rule applies
to residential mortgage activity from January 1, 2007, to
December 31, 2007. Mortgage brokers and bankers must file their
report by August 30, 2008. The temporary rule became effective
upon filing, and will remain in effect through October 31, 2008.
For a copy of the temporary rule, please see http://www.dfcs.oregon.gov/rules_statutes/rulemaking/441-865-0022.pdf.
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