OAR 690-090-0050: Loan Servicing

(1) The director or the director’s designee may conduct periodic inspections of water projects. (2) The director shall issue to the borrower satisfactions of mortgage or liens as appropriate when the accounts or liens are paid in full. (3) The director may negotiate for the release and exchange of security as required to maintain the solvency of the project and program. (4) The director may purchase personal property insurance as needed to protect security and may add the cost of such insurance to the borrowers’ account to the extent allowed in the loan documents.