Oregon has just sent out notice of its new requirement regarding annual reports. The rule is OAR 441-865-0022 and can be read in its entirety on the internet at http://arcweb.sos.state.or.us/rules/OARS_400/OAR_441/441_865.html.
The rule details what information will be required to be on the annual report. In addition to the standard totals for number and dollar amount for 1st mortgages, there are questions about loans insured or guaranteed by a federal agency, totals for negative amortization mortgages, and loans with a loan-to-value ratio of less than 80% but to a borrower with a FICO score of 620 and above. In all, there are 17 sections with some sections having more than 1 question.
The annual report is due on or before August 30, 2008 for loans made in 2007. There are no forms available yet. However, I would suggest that all mortgage bankers and brokers who are licensed in Oregon read the rule and start gathering the necessary information.
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