(1) A savings association may participate with another lender or lenders in making loans of any type that an association may otherwise make, if the other lender or each of the other lenders is:
(a) An instrumentality or agency of the United States or this state;
(b) Insured by the Federal Deposit Insurance Corporation;
(c) An insurance company supervised by a federal or state agency;
(d) A Federal Housing Administration approved mortgagee; or
(e) Another lender approved by the Director of the Department of Consumer and Business Services.
(2) Without regard to any term or loan-to-security limitation provided by ORS 722.302 to 722.356, a savings association may make, buy and sell any loan, secured or unsecured, if the loan is insured or guaranteed. A loan shall be considered insured or guaranteed if:
(a) It is insured or guaranteed in any manner in part or in full by the United States or this state, or an instrumentality thereof; or
(b) A commitment so to insure or guarantee or a conditional guarantee has been issued.
(3) A savings association may buy, sell or participate in the purchase or sale, with or without servicing, of all or a portion of any loan or of a pool of loans which may be evidenced by a participation certificate, mortgage-backed bond or note, or mortgage pass-through certificate. The loans must be of a type eligible for origination and investment under this chapter. If the association is a buyer, the originator and services must qualify under subsection (1) of this section. [Formerly 722.422; 1979 c.863 §13; 1999 c.107 §15]
Section: Previous 722.335 722.336 722.338 722.340 722.342 722.345 722.350 722.352 722.354 722.355 722.356 722.360 722.365 722.370 722.375 NextLast modified: August 7, 2008