Finance
Oregon's 'dual tracking' prohibition under ORS Chapter 86A means that mortgage servicers may not:
AOffer both fixed and adjustable rate loans
BContinue foreclosure proceedings while simultaneously reviewing a borrower's complete loan modification application✓ Correct
CAccept partial payments from borrowers in default
DService loans for both Fannie Mae and Freddie Mac
Explanation
Oregon's foreclosure protection laws (part of the TRUST Act framework) prohibit 'dual tracking' — the practice of advancing foreclosure proceedings while simultaneously evaluating a borrower's application for loan modification or other loss mitigation. Oregon servicers must pause foreclosure when a complete loss mitigation application is pending.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
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