OAR 813-070-0050: Refusal of Program Loans; Disclosure

(1) An Approved Lender shall proceed in good faith to process a Program Loan application and make the Program Loan if: (a) Loan funds are available; (b) The application is complete; (c) The application appears to comply with the Program rules, the Program’s Procedural Guide, and the rules and regulations of the Federal Housing Administration; and (d) The applicant appears to be an Eligible Borrower. (2) Any person who is refused a Program Loan by an Approved Lender may, in writing, demand a written explanation as to the specific reasons for the refusal. The Approved Lender shall comply with such demand within thirty business days. [Publications: Publications referenced are available from the agency.]