(at the request of Coalition for a Livable Future, Oregon ACORN, Oregon Center for Christian Values, Oregon Hunger Relief Task Force,SEIU Local 503, Oregon Center for Public Policy, Urban League of Portland)
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Bill Title:
Relating to regulation of residential mortgage lending; declaring an emergency.
Catchline/Summary:
Requires lender to ensure that subprime mortgage or nontraditional mortgage that lender offers is consistent with prudent lending practices.Requires creditor to make and mortgage broker to provide services related to home loan only if creditor and mortgage broker reasonably believe that borrower can make scheduled loan payments, tax payments and insurance payments related to home loan. Sets standards for forming reasonable belief. Prohibits certain lending practices, charges and payments and requires disclosure of terms and costs of home loan. Specifies creditor's and mortgage broker's duties and standards of care with respect to borrower.]
Requires lender to ensure that subprime mortgage or nontraditional mortgage that lender offers is consistent with prudent lending practices. Specifies requirements for prudent lending practices. Requires lender to analyze borrower's ability to make regularly scheduled payments under certain conditions. Requires mortgage that lender approves to include terms consistent with lender's analysis and provisions for managing risks. Prohibits lender from ceding required analysis, qualification decision or underwriting duty to third party with business objectives that differ from lender's. Creates rebuttable presumption that lender's use of qualified automated underwriting system constitutes compliance with required underwriting standards. Requires lender to establish and follow written policies that comply with underwriting requirements set forth in Act.
Requires lender to have evidence of borrower's ability to repay mortgage if lender qualifies borrower with reduced documentation or mortgage includes combination of certain risks. Specifies conditions under which lender may charge prepayment penalty. Specifies disclosures lender must make to borrower. Prohibits lender from interpreting or complying with Act to evade obligations under federal law.
Provides rulemaking, investigation and enforcement powers to Director of Department of Consumer and Business Services and Attorney General. Provides for private right of action].
Becomes operative 90 days after effective date of Act.]
Declares emergency, effective on passage.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
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