OAR 274-045-0160: Partial Release of Security

(1) A partial release of security may be granted when the borrower submits a complete application for one and the Director determines that granting the requested release would not jeopardize the Department of Veterans' Affairs' security position. (2) The remaining property must qualify as security for the loan balance under the provisions of ORS 407.225(3) and OAR 274-045-0040 to 274-045-0060. (3) Notwithstanding compliance with section (2) of this rule, the Director may require that the loan balance be reduced as consideration for granting the requested release. [Publications: Publications referenced are available from the agency.]