Oregon Code § 456.640·Enacted ·Last updated March 01, 2026
Statute Text
Purchase of residential loans.
(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. [1973 c.828 §§9,10; 1979
c.60 §5; 1979 c.327 §8; 1995 c.79 §255]
Plain English Explanation
This Oregon statute addresses Purchase of residential loans. AI-powered analysis coming soon.
Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 456.640
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
This section of Oregon law addresses Purchase of residential loans. Read the full statute text above for details.
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