ORS 407.315
Interest rate for veteran’s assumption

  • variable rate
  • effect of rate on cash flow
  • rules

(1)

When a veteran assumes a previous loan under ORS 407.305 (Assumption of previous loan by eligible veteran), the interest rate to be paid by the veteran from the date of assumption shall be the rate per annum prescribed periodically by the Department of Veterans’ Affairs, taking into consideration the solvency of the loan program and the interest rates currently prevailing in this state for loans secured by owner-occupied residential property.

(2)

The department shall make a cash flow projection to determine if assumptions at the interest rate established under subsection (1) of this section are among the causes of a negative cash flow projection for the loan program. The cash flow projection required by this section shall be an estimate of the revenue received from the repayment of loans, interest earnings, administrative expenses of the loan program, payment of interest and principal on outstanding debt and other relevant factors during the period in which current outstanding bonds are required to be retired.

(3)

If the cash flow projection required under subsection (2) of this section indicates that assumptions of loans at the interest rate established under subsection (1) of this section are a cause of a negative cash flow projection for the loan program, the department, by rule and notwithstanding ORS 407.325 (Rate of interest on loans) (3), shall increase the interest rate to be paid for loans assumed under ORS 407.305 (Assumption of previous loan by eligible veteran) to the lowest rate per annum that assures a positive cash flow projection, but not exceeding the rate then prescribed under ORS 407.325 (Rate of interest on loans). [1982 s.s.1 c.11 §15; 1987 c.221 §5; 1987 c.564 §1; 2005 c.625 §35; 2019 c.223 §22]

Source: Section 407.315 — Interest rate for veteran’s assumption; variable rate; effect of rate on cash flow; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors407.­html.

407.075
Purpose
407.085
Definitions
407.087
Definition of “veteran.”
407.095
Policy against foreclosure
407.125
Loans to qualified person
407.131
Discount of principal
407.135
Authority of department
407.145
Purchase and control of property
407.155
Execution and custody of documents
407.165
Authority to hold certain funds received from borrower
407.169
Escrow accounts
407.177
Loan processing and servicing contracts with lending institutions
407.179
Additional powers delegated to lending institution
407.181
Authority of lending institution
407.185
Cash flow projection
407.195
Loans not being amortized
407.201
Required disclosure of credit information and loan terms
407.205
Application for loan
407.215
Certain loans excludable from maximum loan amount
407.225
Processing of loan application
407.275
Terms of loan to veteran and transferee
407.285
Rate of interest payable by certain transferees
407.295
Transfer to spouse
407.305
Assumption of previous loan by eligible veteran
407.315
Interest rate for veteran’s assumption
407.325
Rate of interest on loans
407.327
Department to prescribe fixed or variable interest rates
407.335
Rate of interest payable by transferee
407.349
Late charges authorized for periodic payments
407.375
Sale of foreclosed properties
407.377
Sale or management of foreclosed property under personal services contract
407.385
Prohibition against using loan for purpose other than farm or home acquisition
407.415
Issuance of bonds
407.425
Factors considered before requesting bond issuance
407.435
Issuance of bonds for tax payment
407.465
Loan cancellation life insurance
407.475
Persons insurable under ORS 407.465
407.480
Definitions for ORS 407.480 to 407.490
407.485
Agreements for mortgage insurance
407.490
Mortgage insurance claims
407.495
Oregon War Veterans’ Fund
407.505
Loan moneys to be reserved for borrower prior to loan commitment
407.515
Oregon War Veterans’ Bond Sinking Account
407.525
Transfer of sinking account moneys to veterans’ fund
407.555
Auditing and payment of claims
407.565
Revolving account
407.595
Loans not subject to execution or assignment
Green check means up to date. Up to date