(1) With the permission of the lender, note owner, note holder or other holder of an interest in a note, a mortgage banker or mortgage broker may service or collect any mortgage banking loan or mortgage loan in its own name or the name of the lender, note owner, note holder or other holder of an interest in the note.
(2) Except as provided in ORS 59.840 to 59.980, nothing in subsection (1) of this section is intended to grant the Director of the Department of Consumer and Business Services the authority to regulate the servicing or collection of any 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 59.840 (5)(a) but also includes those persons exempted from the definition of mortgage banker in ORS 59.840 (5)(b).
(b) “Mortgage banking loan” has the meaning given that term in ORS 59.840.
(c) “Mortgage broker” has the meaning given that term in ORS 59.840.
(d) “Mortgage loan” has the meaning given that term in ORS 59.840.
(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 any 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 any 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 any suit or action to collect any amounts owed on a mortgage banking loan or mortgage loan, including but not limited to the exercise of any contractual, statutory or common law remedies such as injunction, specific performance, judicial or nonjudicial foreclosure or receivership. [1999 c.36 §4; 2001 c.952 §14]
Note: 59.962 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 59 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
Section: Previous 59.930 59.935 59.940 59.945 59.950 59.955 59.960 59.962 59.965 59.967 59.969 59.970 59.971 59.972 59.973 NextLast modified: August 7, 2008