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Updates To Lending Laws In Oregon

With Lending Law updates in Oregon, Minnesota, California and Wyoming – TrakLogix finds it important to keep our readers and customers up-to-date on current happenings across the country.

Let’s start with two bills that have recently passed in Oregon in regards to obligations borrowers owe to lenders and disclosure in communications about reverse mortgages. You can see these laws reflected in similar
happenings across many states, of which we will delve into shortly – but today we will move into the new Oregon Lending Laws.lending laws


Oregon passed House Bill 3244, amending ORS 86.157 on June 16th which relates to statement concerning obligations borrowers owe to lenders under real estate loan agreements.  This bill provides that borrower (or the borrower’s agent) may rely on the lender’s payoff statement for the amount required to satisfy (discharge) a mortgage. The borrower (or borrower’s agent) also has certain obligations to lenders in regards to reconeyance (transferring the property title from the beneficiary to the trustor), and the borrower can rely on the lender’s payoff statement amount to perform obligation necessary to request reconveyance of estate of real property described in trust deed until after the lender delivers amended payoff statement.

This bill provides that a borrower or borrower’s agent may rely on lender’s payoff statement for the amount required to satisfy or discharge a mortgage and other borrower obligations. The governor signed the bill on June 16th, and it became effective immediately.

There is now a new definition for payoff statement:

“a written statement that sets forth, as of the date the lender prepares the statement, amounts a borrower must pay in order to fully satisfy the borrower’s obligation under a real estate loan agreement”

Another interesting change from ORS 86.157 is the term “debt” is now replaced with the term “obligation” and a borrower or agent may depend upon a payoff statement when establishing the amount the borrower lending billmust pay to satisfy their obligation.

Oregon has also enacted House Bill 2532 which relates to required disclosures in communications about reverse mortgages. Now, lenders (or agents or affiliates of the lender) are required to include summaries of certain provisions of reverse mortgage contracts in any advertisement (or communication for that matter) that could be interpreted as an incentive to apply for or enter into a reverse mortgage. With 59 votes for “Yes” and ZERO votes for “No” during its third reading (carried by Witt) – this bill moved on for continued signing with the Speaker, President, and Governor and carries an effective date of May 18th, 2015.


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