Oregon § 456.640 Purchase of residential loans

Oregon Statutes

§ 456.640 — Purchase of residential loans

Oregon § 456.640

Vol.13

Title 36AHousing; Lottery and Games; Environment

Ch. 456Housing

This text of Oregon § 456.640 (Purchase of residential loans) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Or. Rev. Stat. § 456.640 (2026).

Text

(1)The Housing and Community Services Department shall prescribe a form for the application by a lending institution for the purchase of newly originated or other existing residential loans by the department under ORS 456.635.

(2)Prior to the submission by it of an application for the purchase by the department of existing residential loans under ORS 456.635, a lending institution may request the reservation by the department of funds.

(3)The department may grant a reservation of funds in such amount and subject to such conditions as it considers necessary under ORS 456.548 to 456.828.

(4)Upon the decision by the department to purchase residential loans under ORS 456.635, the department shall issue a binding letter of commitment subject to such terms and conditions as the department co

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(1) The Housing and Community Services Department shall prescribe a form for the application by a lending institution for the purchase of newly originated or other existing residential loans by the department under ORS 456.635.
(2) Prior to the submission by it of an application for the purchase by the department of existing residential loans under ORS 456.635, a lending institution may request the reservation by the department of funds.
(3) The department may grant a reservation of funds in such amount and subject to such conditions as it considers necessary under ORS 456.548 to 456.828.
(4) Upon the decision by the department to purchase residential loans under ORS 456.635, the department shall issue a binding letter of commitment subject to such terms and conditions as the department considers necessary. The letter of commitment shall be binding upon the department as of the date of its execution subject to the terms and conditions, if any, included therein.