MEMORANDUM
DIVISION OF FINANCE AND CORPORATE SECURITIES

December 27, 2005

To: Interested Persons

From: David Tatman, Acting Administrator

Subject: Program Review of Mortgage Lending in Oregon

The accompanying document is the report and recommendations to the Director of the Department of Consumer and Business Services regarding mortgage lending in Oregon. It documents the findings and conclusions of the program review of mortgage lending conducted by our Division this past year.

This report will be sent to parties who participated in the review. Other interested parties may access the report electronically at http://dfcs.oregon.gov/mortgage/program_review.pdf. Printed copies are also available upon request.

We see this process as an opportunity to strengthen a dynamic component of Oregon commerce and to enhance consumer protection and confidence in mortgage lending in Oregon. As you will see, some of our proposals may require legislative change to adopt. Others could be addressed by administrative rule. Finally, some changes could come about as a result of changes in the Division’s policies.

Changes to administrative rules that flow from the recommendations would occur only after completing public rule-making, including the use of an advisory committee to assist us in drafting the proposed rules, holding public hearings and taking testimony. If you have an interest in participating on the advisory committee, please let us know.

If you would like this report in hardcopy and/or have questions, please contact Nancy Boysen, Acting Deputy Administrator by January 20, 2006 at:

Nancy Boysen
Division of Finance & Corporate Securities
350 Winter Street NE, Room 410
Salem, OR 97301-3881
503-947-7497
503-947-7862 (fax)
nancy.j.boysen@state.or.us