2021 Oregon Revised Statutes
Chapter 086A - Mortgage Lending
Section 86A.175 - Servicing or collecting mortgage banking loan or mortgage loan by mortgage banker or mortgage broker.


(2) Except as provided in ORS 86A.095 to 86A.198, nothing in subsection (1) of this section grants the Director of the Department of Consumer and Business Services the authority to regulate the servicing or collection of a mortgage banking loan or mortgage loan by a mortgage banker or mortgage broker.
(3) As used in this section:
(a) "Mortgage banker" has the meaning given that term in ORS 86A.100 (3)(a) but also includes a person exempted from the definition of mortgage banker in ORS 86A.100 (3)(b).
(b) "Mortgage banking loan" has the meaning given that term in ORS 86A.100.
(c) "Mortgage broker" has the meaning given that term in ORS 86A.100.
(d) "Mortgage loan" has the meaning given that term in ORS 86A.100.
(e) "Service or collect any mortgage banking loan or mortgage loan" includes but is not limited to:
(A) Holding documents or written instruments and receiving and disbursing payments according to the instructions of the parties to the documents or written instruments;
(B) Collecting or remitting, or having the right or obligation to collect or remit, for a lender, note owner, note holder or other holder of an interest in a note or for a mortgage banker’s or mortgage broker’s own account, payments, interest, principal and trust items, including but not limited to hazard insurance and taxes, on a mortgage banking loan or mortgage loan in accordance with the terms of the loan, and includes loan payment follow-up, delinquency loan follow-up, loan analysis and notifications to the borrower that are necessary to enable the borrower to keep the loan current and in good standing; and
(C) Bringing and maintaining a suit or action to collect amounts owed on a mortgage banking loan or mortgage loan, including but not limited to exercising contractual, statutory or common law remedies such as injunction, specific performance, judicial or nonjudicial foreclosure or receivership. [Formerly 59.962]
Note: 86A.175 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 86A or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

Structure 2021 Oregon Revised Statutes

2021 Oregon Revised Statutes

Volume : 02 - Business Organizations, Commercial Code

Chapter 086A - Mortgage Lending

Section 86A.100 - Definitions.

Section 86A.103 - License required to engage in residential mortgage transactions as mortgage banker or mortgage broker.

Section 86A.106 - Procedures for licensing; experience required; certification; surety bond or letter of credit; fees; rules.

Section 86A.109 - Expiration of initial license; renewal; duration of renewed license; change in personnel; rules.

Section 86A.112 - Licensees to keep records; inspection; filing financial reports; rules.

Section 86A.115 - Grounds for denying, suspending, conditioning or revoking license.

Section 86A.121 - Cancellation of license or application; application to surrender license.

Section 86A.124 - Supervisory authority of director over mortgage bankers, mortgage brokers and mortgage loan originators; documents exempt from disclosure.

Section 86A.127 - Investigations; publicity with respect to violations; cease and desist order.

Section 86A.130 - Enjoining violations; fine; appointment of receiver; attorney fees; damages to private parties.

Section 86A.133 - Procedures where assets or capital of mortgage banker or mortgage broker found impaired; involuntary liquidation.

Section 86A.136 - Rules; financial statements.

Section 86A.139 - Notice of orders; hearings on orders.

Section 86A.142 - Judicial review of orders.

Section 86A.145 - Oaths and subpoenas in proceedings before director.

Section 86A.148 - Copies of documents; fees; rules; effect of certification.

Section 86A.151 - Liability of person that employs mortgage loan originator; recovery of damages; limitations on proceeding; action against bond or letter of credit; attorney fees.

Section 86A.154 - Fraud and deceit with respect to mortgage banker or mortgage broker business.

Section 86A.157 - Clients’ Trust Account; examination; deposit of funds; interest; rules.

Section 86A.160 - Notice to bank regarding Clients’ Trust Account.

Section 86A.163 - Prohibited advertisements.

Section 86A.166 - Designation of principal place of business; other offices; change of personnel; registered agent.

Section 86A.175 - Servicing or collecting mortgage banking loan or mortgage loan by mortgage banker or mortgage broker.

Section 86A.178 - Legislative findings regarding mortgage loan originators; prohibited practice.

Section 86A.183 - Prohibited conduct for mortgage bankers, mortgage brokers and mortgage loan originators; conditions affecting employment of mortgage loan originators.

Section 86A.186 - Mortgage loan originator criminal records checks; rules.

Section 86A.195 - Restrictions on negative amortization loans; verification of borrower income; prepayment penalties.

Section 86A.196 - Notice of reverse mortgage prohibition in homestead property tax deferral program; summary of terms of reverse mortgage in advertisement or solicitation; annual notice to person with reverse mortgage or to escrow agent, title insura...

Section 86A.198 - Materials in languages other than English; requirements.

Section 86A.200 - Definitions.

Section 86A.203 - License and unique identifier for mortgage loan originator; requirements; exemptions; rules.

Section 86A.206 - Application for license; information and materials required for application; rules.

Section 86A.209 - Interim license; findings required.

Section 86A.212 - Findings required for issuing license; basis for denial; rules.

Section 86A.215 - Education and testing requirements for license; education and test providers.

Section 86A.218 - License renewal; expiration; reinstatement; rules.

Section 86A.221 - Continuing education requirements for mortgage loan originator; credit allowed.

Section 86A.224 - Denying, suspending, conditioning, revoking or declining to renew license; findings required; order; civil penalty; prohibited activity; criminal liability.

Section 86A.227 - Corporate surety bond required; right of action; rules.

Section 86A.230 - Contracts or agreements with Nationwide Mortgage Licensing System and Registry and other agencies; information sharing; confidentiality; reports of violations; rules.

Section 86A.233 - Production of records; investigations, examinations and subpoenas; possession of records; access to records; powers of director; prohibited activities.

Section 86A.236 - Prohibited activities.

Section 86A.239 - Display of license and unique identifier; rules; report of condition.

Section 86A.303 - Definitions.

Section 86A.306 - License requirement; applicability; exceptions; enforcement; rules.

Section 86A.309 - Application for license; requirements; waiver; fee; conditions for issuance and renewal and for denial, revocation or refusal; license term; rules.

Section 86A.312 - Licensee’s principal place of business; registered agent; assumed business name.

Section 86A.315 - Required liquidity, operating reserves and tangible net worth; compliance with federal standards as compliance with requirements; director’s powers to enforce compliance.

Section 86A.318 - Required notices to director; rules.

Section 86A.321 - Director’s supervisory authority; examinations; confidentiality.

Section 86A.324 - Duties of mortgage loan servicer; prohibited conduct; rules.

Section 86A.327 - Complaints; director’s power to investigate; confidentiality; exceptions.

Section 86A.330 - Violations; civil penalties; costs of investigation.

Section 86A.333 - Additional duties of licensee; required response to borrower’s request for information; account history.

Section 86A.336 - Suspension or removal of licensee’s director or officer.

Section 86A.339 - Additional duties of mortgage loan servicer; prohibited practices.

Section 86A.990 - Criminal penalties for violations of ORS 86A.095 to 86A.198.

Section 86A.992 - Civil penalties for violations of ORS 86A.095 to 86A.198.