OAR 274-020-0440: Fees

(1) The Department charges fees as provided in section (3) of this rule for the following processes: (a) New Loan. (b) Assumption of a loan by and eligible veteran. (c) Transfer of Ownership. (d) Partial Release, Easement, and Modification of Mortgage. (e) Timber Release. (f) Firewood Release. (g) Purchase of State-Owned Property. (h) Dishonored Check. (i) Reissue of Stale, Lost, Destroyed or Missing Document. (j) Mineral Rights and Geothermal Resource Rights Release. (k) Borrower requests to cancel private mortgage insurance. (l) Dishonored Electronic Funds Transfer. (2) A fee will not be waived or reduced except when in the Director's opinion, requiring the fee would cause an undue hardship. In the case of a dishonored check, the fee will be waived if the check was dishonored because of a bank error. (3) Fee Schedule. (a) New Loan Fees. (A) A credit report fee may be charged in an amount not to exceed the amount charged by the credit reporting firm. A credit report fee may be charged for each applicant unless a co applicant is the applicant's spouse; (B) An appraisal report fee may be charged in an amount not to exceed the amount charged by the appraiser; (C) In the event of cancellation of the application after acceptance for processing and collection of credit report and appraisal fees, any money not used or obligated for credit reports or appraisals shall be refunded; (D) A loan fee shall be charged on a conventional loan not to exceed two percent (2%) of the loan amount; (E) Flood determination fee for each loan may be charged in an amount not to exceed the amount charged by the flood determination company; and (F) A processing fee in the amount of $600 will be charged for processing, document preparation, or other services. (b) Assumption Fee. Assumption by an eligible veteran under ORS 407.305. Effective with applications received on or after July 1, 1985, the Director shall charge a fee of 1.125 percent of the total of the unpaid balance plus any new funds loaned. The minimum service fee shall be $100. (c) Transfer of Ownership Fees. (A) Fees for transfer of ownership: (i) Through June 30, 1985, 1 percent of the unpaid balance. (ii) Effective July 1, 1985, 1.125 percent of the unpaid balance. (iii) Effective May 1, 1992, $450. (B) No fee will be charged when a transfer of ownership results from: (i) Divorce. (ii) Death. (iii) Marriage. (iv) Transfer of the interest of one or more current owners to the other owner or owners. (v) Transfer to a relocation company on an unrecorded contract. (d) Partial Release, Easement, and Modification of Mortgage Fees. (A) $450 plus the cost of an appraisal for a partial release or modification of mortgage on an urban property. The appraisal fee will be refunded to the applicant if the request is withdrawn before the Director is obligated to an appraiser for the cost of a property appraisal. (B) $450 plus the cost of an appraisal for a partial release or modification of mortgage on a farm property. The appraisal fee will be refunded to the applicant if the request is withdrawn before the Director is obligated to an appraiser for the cost of a property appraisal. (C) $50 for consenting to an easement. (D) $100 for partial release involving release of a manufactured home which is to be replaced with another home. (E) $1,100 for a partial release involving release of water rights. $1,000 of the $1,100 fee will be refunded if the request is withdrawn before the Director is obligated to an appraiser for the cost of a property appraisal. (F) $50 for processing request to relocate personal property manufactured home. (G) A larger fee may be charged in complex cases to cover extra processing costs. (H) A fee for the partial release of property to a government entity for public use as noted in ORS 407.275. This fee may be modified or waived at the discretion of the Director. (e) Timber Release Fees. (A) $200 for a release of more than 7,500 and less than 30,000 board feet of timber. No refund will be made after application. (B) $1,200 for a release of 30,000 board feet or more of timber. $1,000 of the $1,200 fee will be refunded to the applicant if the request is withdrawn before the Director is committed to an appraiser for the cost of a property appraisal. (C) No fee for one release of up to and including 7,500 board feet of timber in each calendar year. (D) An increased fee may be charged in complex cases to cover extra costs. (f) Firewood Release Fees. (A) $200 for a release of more than six and less than 20 cords of firewood. No refund will be made after application. (B) $1,200 for a release of 20 cords or more of firewood. $1,000 of the $1,200 fee will be refunded to the applicant if the request is withdrawn before the Director is committed to an appraiser for the cost of a property appraisal. (C) No fee for one release of up to and including six cords of firewood in each calendar year. (D) An increased fee may be charged in complex cases to cover extra costs. (g) Purchase of State-Owned Property Fees. (A) A credit report fee may be charged equal to the amount charged by the credit reporting firm. A credit report fee may be charged for each applicant unless a co-applicant is the applicant's spouse. (B) A fee of 1.125 percent shall be charged on the amount of the contract on all properties whether or not the purchaser is a veteran. The minimum fee will be $250. There will be no fee for a cash sale. (C) In the event of cancellation of an offer after acceptance for processing by Loan Processing, but prior to approval, all of the earnest money deposit except $200 shall be refunded ($200 to be retained by the Director). If an application is canceled after approval, the full amount of the earnest money deposit shall be retained by the Director. (D) Notwithstanding the provisions of paragraph (3)(g)(C) of this rule, the Director may refund all of the earnest money deposit if cancellation of the application was necessitated by some unexpected event such as redemption of the property before closing, or the death, disappearance, serious injury, serious illness, job loss, or job transfer of one or more of the parties to the transaction. Parties to the transaction include members of the immediate family. (h) Dishonored Check. Whenever a bank check issued in payment of an obligation due to the Director is dishonored by the bank upon which the check is drawn, a fee in the amount of $25 will be charged. If two dishonored checks are received from the same borrower within a 12-month period, the Director may require this borrower to make all future payments by cash, money order, cashier's check or certified check; (i) Reissue of Stale, Lost, Destroyed or Missing Document. Whenever a document issued by the Director must be reissued because it has been outstanding too long without being used, or has been lost, destroyed or for some other reason is missing, a fee in the amount of $25 may be charged for this service. "Document" means deed, satisfaction of mortgage, satisfaction of judgment, request for reconveyance, reconveyance, assumption agreement, contract, partial release, modification of mortgage, escrow closing papers (or some other document substantially the same as the ones enumerated). This fee may be waived if there is good reason to believe that the person requesting the reissue was not responsible for the delay that caused the document to become stale or for the disappearance of the original issue. (j) Release of Mineral Rights and Geothermal Resource Rights Fees. The Director may charge a fee of $150 for processing an application for release of mineral and geothermal resource rights. From this fee, the Department will pay the cost of recording any document issued. An additional $100 may be charged if the nature of the application requires a review by the Division of State Lands to determine the mineral and geothermal resource potential. A check or money order in the amount of $100 made payable to the Division of State Lands will be required when the Division of State Lands review is necessary. (k) Borrower requests to cancel private mortgage insurance. The Department will not charge a fee to cancel private mortgage insurance. However, the borrower must provide the Department with a full appraisal at the borrower’s own cost. (l) Dishonored Electronic Funds Transfer Fees. Whenever an electronic funds transfer (also known as ACH) is authorized for payment of an obligation due to the Department and is dishonored by the bank upon which the funds transfer is drawn, a fee in the amount of $25 will be charged. If two dishonored electronic funds transfers are received from the same borrower within a 12-month period, the Director may require this borrower to make all future payments by cash, money order, cashier's check or certified check. (4) Fees will be collected in advance (except for dishonored checks and electronic funds transfers). Where the Director was not made a party to a transaction requiring payment of a fee, and the fee was not paid, the fee is due on demand. If payment is not made after 30 days written notice, it may be added to the amount due on the loan. The fee for dishonored checks may be added to the amount due on the loan when the check is returned by the bank. Any fee added to the amount due on the loan shall bear interest at the same rate as on the principal indebtedness. "Loan" means "contract" where context requires.