WBK Industry News - State Regulatory Developments

Oregon Amends Rule Requiring Contact Information on Consumer Notices

The Oregon Secretary of State recently issued FSR 25-2020, a Permanent Administrative Order that amends Oregon Administrative Rule 441-890-0070 by clarifying the regulatory authority of the Department of Consumer and Business Services over residential mortgage loan servicers and certain contact information required under the rule.

Under the amended rule, a person engages in residential mortgage servicing in Oregon when any act constituting the business of a mortgage servicer involving a residential mortgage loan: (i) originates from Oregon, (ii) is directed to and received in Oregon, or (iii) when the real estate that is the subject of the mortgage servicer is located in Oregon. In addition, after March 31, 2021, periodic mortgage statements and notices sent to borrowers by mortgage servicers licensed or required to be licensed under Oregon law must include certain text in at least 10-point font as specified in the amended rule, including contact information for the servicer and the Oregon Division of Financial Regulation that consumers may use to file a complaint.