OAR 274-020-0355: Escrow Closing of Loans

(1) All loans made by the Director of Veterans' Affairs (except for protection of security loans) shall be closed by persons or firms licensed to engage in the escrow business under the Oregon Escrow Law (ORS 696.505 to 696.590), or an attorney at law rendering services in the performance of duties as attorney at law. This rule shall be effective on all loan applications received after May 31, 1984: (a) The types of loans requiring escrow closing are: (A) Original; (B) Additional; (C) Dual (Loans having notes with different due dates); (D) Assumption of existing. (b) A loan for protection of security does not require escrow closing; (c) For closing of contract sales of State-owned property, see OAR 274-21-010. (2) The escrow agent or attorney for closing the loan will be selected by the borrower and the borrower shall pay all escrow fees. (3) Escrow closing shall not be waived except when in the Director's opinion, requiring escrow closing would cause an undue hardship.