Oregon Division on Financial Regulation issues guidance for lenders and loan servicers

State Issues Covid-19 Oregon Foreclosure Mortgages Mortgage Origination Mortgage Servicing Consumer Finance

On March 20, the Oregon Division of Financial Regulation issued a bulletin for state-regulated lenders and loan servicers to work with borrowers impacted by Covid-19. The division encouraged lenders and servicers to offer distressed borrowers forbearance plans, waive late and online payment fees, ease credit terms for new loans, and deferred payment options. Most provisions of the bulletin called for a 90-day grace period and placed a moratorium on evictions and foreclosures. The guidance applies to banking institutions, credit unions, mortgage bankers, mortgage brokers, loan originators, and servicers, consumer finance lenders, and payday and title lenders. The issuance follows a declared state of emergency by Governor Brown on March 8.