Veterans' Loan Program Annual Financial Report
VETERANS’ LOAN PROGRAMANNUAL FINANCIAL REPORTENT ERPRISE F UND F O R T H E F I S C A L YE A R EN DED J U N E 3 0, 2 0 2 0
Annual Financial ReportVeterans’ Loan ProgramEnterprise Fund of theOregon Department of Veterans’ AffairsAn Agency of the State of OregonFor The Fiscal Year EndedJune 30, 2020Kelly FitzpatrickDirectorAaron Hunter, CPAChief Financial Officer
TABLE OF CONTENTSINTRODUCTORY SECTIONLetter of Transmittal . iiOrganization Chart .vFINANCIAL SECTIONIndependent Auditor's Report . .2Management’s Discussion and Analysis .5Veterans’ Loan Program Basic Financial StatementsStatement of Net Position – Proprietary Fund . 9Statement of Revenues, Expenses, and Changes in Fund Net Position - Proprietary Fund. 10Statement of Cash Flows - Proprietary Fund. 11Notes to the Financial Statements . 13STATISTICAL SECTIONAssets, Liabilities and Net Position – 10-Year Historical Data . 31Revenues, Expenses, and Changes in Net Position – 10-Year Historical Data . 33Principal Balance of Bonds Outstanding . 35Loans and Contracts Outstanding . 36Loan and Contract 90 Day Delinquencies . 37Loans and Contracts Outstanding by County . 38OTHER REPORTSReport on Internal Control and Compliance . 40
INTRODUCTORY SECTION
The strong economic growth in recent months is encouraging, as many workers ontemporary layoffs are recalled. However, normally it takes a year or two for therecessionary shock to work its way through the economy. When the outlook darkens, firmsusually don’t fire their workers immediately. Only over time, when the phone starts ringingless, do weak sales lead firms to cut back on parts and labor. These spending cuts in turnleads to lost income for suppliers and workers who reduce their downstream spendingaccordingly. This traditional recessionary dynamic is just getting under way , even thoughthe labor market is improving due to thousands of temporarily unemployed workersreturning to their jobs.Overall the current state of the economy is much better than feared at the time of theprevious forecast. But the economic outlook in the years ahead is only improved modestly.It takes time, even under the best of circumstances to regain lost ground due to recessions.2020 so far is anything but the best.OutlookIn the near-term Oregon’s economy is impacted by COVID-19 and the wildfires thatdestroyed our communities. Over the long-term, Oregon’s ability to attract and retainskilled, working-age households is one of our comparative advantages. To the extent thepandemic, wildfires, drought, or protests and clashes of violence impact this advantageremains to be seen, but they all represent downside risks to the outlook. On the other handshould telecommuting and remote work increase as a result of the pandemic and changingbusiness practices, Oregon stands to take advantage.Previously when Oregon faced double-digit job losses and unemployment , the recoverytook five years once underway. All told, our office expects this cycle to be faster given thestronger economy before the pandemic and the somewhat limited amount of permanentdamage to date. Expectations are Oregon’s labor market will return to health by mid-2023.Even so, growth is likely to slow in the months ahead as the easy economic gains related tothe recalls play out , the loss of federal support weighs more on consumers, and concernsover the spread of the virus increases in the coming, colder months.MAJOR INITIATIVESCurrent Service Efforts and Accomplishments - Article Xl-A of the Oregon Constitutionoutlines the broad duties of the Department. The primary Oregon Revised Statutes (ORS)governing the Department are Chapters 406 through 408.The Veterans' Loan Program provides home loans to Oregon veterans at favorable interestrates. Both federal and State laws govern eligibility requirements on who may receive a veterans'home loan. As of June 30, 2020, this Program had approximately 1,777 mortgage loans andcontracts outstanding, with a principal balance of approximately 348 million.FINANCIAL INFORMATIONEnterprise Fund - The Veterans' Loan Program is an enterprise fund which is used to account forthe Department’s business-type activities.At June 30, 2020, the Veterans' Loan Program had approximately 557 million in assets (primarilyconsisting of cash and cash equivalents and loan and contract receivables) and approximately 422 million in liabilities (primarily consisting of general obligation bonds). Revenues from theiii
GOVERNOR'S OFFICEKate Brown, GovernorADVISORY COMMITTEE *DIRECTOR'S OFFICEExecutive Assistant tothe DirectorAGINGVETERANS'SERVICESVeterans' Homes- The Dalles Home- Lebanon HomeConservatorshipVeteran VolunteerAging SFINANCIALSERVICESClaims & AppealsTraining & CertificationOutreachGrantsHome Loan ProgramFacility & ConstructionMgmt.Financial Mgmt.Accounting & CashiersPublic InformationRIM ServicesInformationTechnologyOPERATIONSHuman ResourcesPolicy* The Advisory Committee is a nine-member advisory body appointed by the Governor for four-year terms. Thecommittee advises the Director concerning matters of the operations of the Department and issues affectingveterans and their dependents and survivors who reside in this state.Advisory Committee MembersJames A GardnerChristine GittinsDennis GuthrieJohn F HowardReynold L LenoTerm ExpiresNovember 30, 2020September 30, 2023June 30, 2020March 15, 2024March 15, 2024Advisory Committee MembersNell StamperBob Van VoorhisVacantVacantvTerm ExpiresNovember 30, 2023April 30, 2023
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FINANCIAL SECTION
Office of the Secretary of StateAudits DivisionBev ClarnoSecretary of StateKip R. Memmott, MA, CGAP, CRMADirectorJeff MorganInterim Deputy Secretary of State255 Capitol St. NE, Suite 500Salem, OR 97310503-986-2255Independent Auditor’s ReportThe Honorable Kate Brown, Governor of OregonKelly Fitzpatrick, Director, Oregon Department of Veteran’s AffairsReport on the Financial StatementsWe have audited the accompanying financial statements of the Veterans’ Loan Program, anenterprise fund of the State of Oregon, Department of Veterans Affairs, as of and for the yearended June 30, 2020, and the related notes to the financial statements, as listed in the table ofcontents.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financialstatements in accordance with accounting principles generally accepted in the United States ofAmerica; this includes the design, implementation, and maintenance of internal controlrelevant to the preparation and fair presentation of financial statements that are free frommaterial misstatement, whether due to fraud or error.Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit.We conducted our audit in accordance with auditing standards generally accepted in theUnited States of America and the standards applicable to financial audits contained inGovernment Auditing Standards, issued by the Comptroller General of the United States. Thosestandards require that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the entity's preparation and fair presentation of thefinancial statements in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of theentity's internal control. Accordingly, we express no such opinion. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness ofsignificant accounting estimates made by management, as well as evaluating the overallpresentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our audit opinion.2
OpinionIn our opinion, the financial statements referred to above present fairly, in all materialrespects, the financial position of the Veterans’ Loan Program, an enterprise fund of the State ofOregon, Department of Veterans’ Affairs, as of June 30, 2020, and the changes in its financialposition and its cash flows for the year then ended in accordance with accounting principlesgenerally accepted in the United States of America.Emphasis of MatterAs discussed in Note 1, the financial statements present only the Veterans’ Loan Program, anenterprise fund of the State of Oregon, Department of Veterans’ Affairs, and do not purport to,and do not, present fairly the financial position of the State of Oregon or the Department ofVeterans’ Affairs as of June 30, 2020, the changes in its financial position, or its cash flows forthe year then ended in accordance with accounting principles generally accepted in the UnitedStates of America. Our opinion is not modified with respect to this matter.Other MattersRequired Supplementary InformationAccounting principles generally accepted in the United States of America require that themanagement’s discussion and analysis on pages 5-8 be presented to supplement the basicfinancial statements. Such information, although not a part of the basic financial statements, isrequired by the Governmental Accounting Standards Board who considers it to be an essentialpart of financial reporting for placing the basic financial statements in an appropriateoperational, economic, or historical context. We have applied certain limited procedures to therequired supplementary information in accordance with auditing standards generally acceptedin the United States of America, which consisted of inquiries of management about the methodsof preparing the information and comparing the information for consistency withmanagement's responses to our inquiries, the basic financial statements, and other knowledgewe obtained during our audit of the basic financial statements. We do not express an opinion orprovide any assurance on the information because the limited procedures do not provide uswith sufficient evidence to express an opinion or provide any assurance.Other InformationOur audit was conducted for the purpose of forming an opinion on the financial statements thatcollectively comprise the Veterans’ Loan Program’s basic financial statements. Theintroductory and statistical sections are presented for purposes of additional analysis and isnot a required part of the basic financial statements.The introductory and statistical sections have not been subjected to the auditing proceduresapplied in the audit of the basic financial statements, and accordingly, we do not express anopinion or provide any assurance on it.Other Reporting Required by Governmental Auditing StandardsIn accordance with Government Auditing Standards, we have also issued our report datedOctober 16, 2020, on our consideration of the Department of Veterans’ Affairs’ internal controlover financial reporting and on our tests of its compliance with certain provisions of laws,regulations, contracts, and grant agreements and other matters. The purpose of that report issolely to describe the scope of our testing of internal control over financial reporting and3
compliance and the results of that testing, and not to provide an opinion on the effectiveness ofthe Department of Veterans’ Affairs’ internal control over financial reporting or on compliance.That report is an integral part of an audit performed in accordance with Governmental AuditingStandards in considering the Department of Veterans’ Affairs’ internal control over financialreporting and compliance.State of OregonOctober 16, 20204
State of OregonOregon Department of Veterans’ AffairsVeterans’ Loan ProgramManagement’s Discussion and AnalysisThis section of the Oregon Department of Veterans’ Affairs’ (the “Department”) LoanProgram Annual Financial Report presents our discussion and analysis of financialperformance for the Veterans’ Loan Program Proprietary Fund during the fiscal yearended June 30, 2020. The selected financial data presented was derived primarily fromthe financial statements of the Veterans’ Loan Program, which have been audited.FINANCIAL HIGHLIGHTS(In Millions)20202019 136.0 134.0 22.0 23.1 20.6 19.4Net PositionRevenuesExpensesGeneral Obligation BondDebt (par value) 393.5 370.7Mortgage Loan Originations 47.4 77.0Change(In Millions) Percentage 2.001.49% (1.10)-4.76% 1.206.19% 22.80(29.60)6.15%-38.44%OVERVIEW OF THE FINANCIAL STATEMENTSThis discussion and analysis is intended to serve as an introduction to the Veterans’Loan Program’s basic financial statements. The basic financial statements includeproprietary fund financial statements and notes to the financial statements. TheVeterans’ Loan Program’s basic financial statements do not include department-widefinancial statements since only the Veterans’ Loan Program proprietary fund is auditedwithin this Annual Financial Report. The Department does have an audited AnnualFinancial Report on the Veterans’ Home Program and that proprietary fund and a minimalportion of governmental funds that are included in the State of Oregon ComprehensiveAnnual Financial Report. Those reports are located respectively tng/Pages/Pub.aspx The Veterans’ Loan Program’s proprietary fund financial statements include a majorenterprise fund, which operates similarly to business activities and follow an accrualbasis of accounting. The notes to the financial statements provide additional information essential to a fullunderstanding of the data provided in the Veterans’ Loan Program’s proprietary fundfinancial statements.OVERVIEW OF THE PROPRIETARY FUND FINANCIAL POSITION & OPERATIONSAssetsTotal assets at June 30, 2020 were approximately 556.9 million, an increase of 24.1million from June 30, 2019. The change in assets consists primarily of a 43.7 million5
increase in cash and cash equivalents offset by a 20.0 million decrease in mortgageloans receivable.LiabilitiesTotal liabilities at June 30, 2020, were 422.5 million, an increase of 22.3 million fromJune 30, 2019. The change in liabilities consists primarily of an increase of 23.9 millionin net bonds payable.Statement of Net PositionThe Veterans’ Loan Program’s proprietary fund financial position and operations for thepast two years are summarized below based on the information included in the basicfinancial statements.Veterans’ Loan Program - Proprietary FundStatement of Net PositionBusiness Type Activity20202019ChangeAssets:Current and Other AssetsCapital AssetsTotal Assets 550,961,3135,941,499 556,902,812 527,806,4765,019,418 532,825,894 d Outflow of Resources 14.56%Liabilities:Long Term LiabilitiesOther LiabilitiesTotal Liabilities 400,353,39922,112,774 422,466,173 376,919,39123,280,781 400,200,172 23,434,008(1,168,007) 22,266,001Deferred Inflow of Resources 211,628 197,152 5,941,49950,530130,043,447 136,035,476 5,019,41829,507128,959,942 134,008,867 Net Position:Net Investment in Capital AssetsRestricted for OPEBUnrestrictedTotal Net Position1,810,465 1,580,297230,168% 3,505 2,026,60918.37%71.25%0.84%1.51%Loans ReceivableTotal mortgages and other loans receivable decreased by 20.0 million in fiscal year2020. This decrease was primarily due to a reduction in loan origination volume and thelow interest rate environment which caused an increase in borrowers refinancing theirhome loan.Bonds PayableBonds Payable increased by 22.8 million (par value) from June 30, 2019 to June 30,2020. During fiscal year 2020, the Department issued approximately 98.2 million andretired approximately 75.4 million in general obligation bonds. For additional details,see the Debt Administration section of the Management’s Discussion and Analysis.6
Net PositionTotal Net Position increased by approximately 2.0 million in fiscal year 2020.Revenues exceeded expenses resulting in an increase of net position.The results of operations for the Veterans’ Loan Program’s proprietary fund is presentedbelow:Veterans’ Loan Program - Proprietary FundStatement of Revenues, Expenses, and Changes in Net PositionBusiness Type Activity20202019Revenues:Interest Income:M ortgage LoansContractsInvestment Income:LCLI Premium RevenueLCLI Processing FeeOther Fees and ChargesConservatorship FeesGain on Sale of Foreclosed PropertyTotal RevenuesExpenses:Bond InterestSalaries and Other PayrollBond CostsSecurities Lending Investment ExpenseReal Estate Owned ExpenseServices and SuppliesLCLI Claims & Admin. ExpenseDepreciationBad DebtOtherTotal ExpensesOperating Income (Loss) 11,615,666 (29,554)893,53620,641,954 1,394,203 Non-Operating Revenues (Expenses)Interest Expense - Pension Related DebtTotal Non-Operating Revenues (Expenses) (43,559) (43,559) Income (Loss) before Transfers & Contributions Transfers & ContributionsNet Transfers from LotteryTransfers to Veterans' Rural Transp GrantNet Transfers to Dept. of Admin ServicesCapital ContributionsTotal Transfers & Contributions 65922,036,157 1,350,644 475,000 - (176,040)377,005675,965 21738,47423,074,706% Change 8,474) .75%-100.00%-4.50%11,212,762 844 1,205,1103,637,862 .86%3.27%-76.58%-36.59%6.20%-61.68%(42,321) (42,321) 3,595,541(1,238)(1,238)2.93%2.93% (2,244,897)-62.44%(485)(181,544)182,902873 Increase (Decrease) in Net Position 2,026,609 3,596,414Net Position – BeginningNet Position – Ending 134,008,867136,035,476 3675,092 (1,569,805) 0.13%-43.65%2.76%1.51%
Revenues and ExpensesThe Veterans’ Loan Program’s revenue is generated principally from interest earned onmortgage loans and investment income. In fiscal year 2020, revenue generated throughthe Veterans’ Loan Program totaled approximately 22.0 million, of which approximately 18.8 million, or 85% is from interest income earned on loans and investments.Expenses of the Veterans’ Loan Program consist primarily of interest expense on debtincurred to fund lending programs and operational expenses. The total expenses forVeterans’ Loan Program activities totaled approximately 20.6 million, of whichapproximately 11.6 million, or 56% is bond interest expense and 5.1 million, or 25%, issalaries and other payroll expenses.Change in Net PositionThe change in net position for the year ended June 30, 2020 resulted in an increase ofapproximately 2.0 million. The primary factors contributing to this change were theapproximately 1.0 million increase in salaries and other payroll, the approximately 0.4million increase in bond interest, and an increase in bond expenses of approximately .5million.Debt AdministrationThe Oregon Constitution and Oregon Revised Statutes permit general obligation bondsto be issued on the Department’s behalf to provide funds for home loans to eligibleOregon veterans.The Department had approximately 393.5 million (par value) in outstanding generalobligation bonds as of June 30, 2020. During fiscal year 2020, approximately 98.2million in general obligation bonds were issued and 75.4 million in bonds were retired.Information on the Department’s long-term debt can be found in the Notes to theFinancial Statements (Note 5 and 6).Requests for InformationThis financial report is designed to provide a general overview of the OregonDepartment of Veterans’ Affairs’ finances for all those with an interest in theDepartment’s finances. Questions concerning any of the information provided in thisreport or requests for additional financial information should be addressed to the ChiefFinancial Officer, Oregon Department of Veterans’ Affairs, 700 Summer Street N.E.,Salem, Oregon 97301.8
Oregon Department of Veterans' AffairsVeterans' Loan ProgramStatement of Net PositionProprietary FundJune 30, 2020Business-TypeActivity Enterprise FundVeterans' LoanProgramAssetsCurrent AssetsCash and Cash EquivalentsCash and Cash Equivalents - RestrictedSecurities Lending Cash CollateralInvestmentsReceivables:Mortgage Loans and Contracts Receivable (Net)Accrued InterestLoan Cancellation Life Insurance PremiumsOtherDue from Other FundsPrepaid ExpensesTotal Current Assets ent AssetsCash and Cash Equivalents - RestrictedMortgage Loans and Contracts Receivable (Net)Other ReceivableNet OPEB Asset - RHIA PlanCapital Assets:Building, Property and EquipmentWorks of Art and Historical TreasuresAccumulated DepreciationTotal Noncurrent AssetsTotal 627,021(5,872,673)418,808,232556,902,812Deferred Outflows of ResourcesHedging DerivativePension RelatedOPEB RelatedTotal Deferred Outflows of sCurrent LiabilitiesAccounts PayableLoan Cancellation Life Insurance PayableDeposit LiabilitiesAccrued Interest on BondsObligations under Securities LendingPension-Related DebtCompensated Absences PayableBonds Payable-Maturing Within One Year (Net)Total Current Liabilities Noncurrent LiabilitiesBonds Payable-Maturing After One Year (Net)Pension-Related DebtNet Pension LiabilityCompensated Absences PayableExcess Interest and Arbitrage Rebate PayableNet OPEB Liability - RHIPA PlanTotal OPEB Liability - PEBB PlanDerivative Instrument - Interest Rate SwapTotal Noncurrent LiabilitiesTotal rred Inflows of ResourcesPension RelatedOPEB RelatedTotal Deferred Inflows of Resources183,66427,964211,628Net PositionNet Investment in Capital AssetsRestricted for OPEBUnrestrictedTotal Net ,447 136,035,476The accompanying notes are an integral part of the financial statements.9
Oregon Department of Veterans' AffairsVeterans' Loan ProgramStatement of Revenues, Expenses, and Changes in Fund Net PositionProprietary FundFor the Year Ended June 30, 2020Business-TypeActivity - EnterpriseFundVeterans' LoanProgramOperating RevenuesInterest Income:Mortgage Loans Contracts14,586,5931,857Investment Income4,180,569Loan Cancellation Life Insurance Premiums190,103Loan Cancellation Life Insurance Processing Fee72,000Other Fees and Charges2,540,376Conservatorship Fees464,659Total Operating Revenues22,036,157Operating ExpensesBond Interest11,615,666Salaries and Other Payroll5,077,542Bond Expenses1,019,122Securities Lending Investment Expense24,840Real Estate Owned Expense710Services and Supplies1,509,643Claims Expense - Loan Cancellation Life Insurance375,840Depreciation154,609Bad Debt(29,554)OtherTotal Operating Expenses893,53620,641,954Operating Income (Loss)1,394,203Non-operating Revenues (Expenses)Interest Expense - Pension Related DebtTotal Non-operating Revenues (Expenses)(43,559)(43,559)Income (Loss) before Transfers & Contributions1,350,644Transfers & ContributionsNet Transfers from Lottery Fund475,000Transfers to Dept. of Administrative Services(176,040)Capital Contributions377,005Total Transfers & Contributions675,965Increase (Decrease) in Net Position2,026,609Net Position - Beginning134,008,867Net Position - Ending The accompanying notes are an integral part of the financial statements.10136,035,476
Oregon Department of Veterans' AffairsVeterans' Loan ProgramStatement of Cash FlowsProprietary FundFor the Year Ended June 30, 2020Business-TypeActivity Enterprise FundVeterans' LoanProgramCash Flows from Operating Activities:Receipts from CustomersReceipts from Other Funds for ServicesLoan Principal RepaymentsLoan Interest ReceivedPayments to Employees for ServicesPayments to SuppliersPayments to Other Funds for ServicesLoans MadeOther Receipts (Payments)Net Cash Provided (Used) in Operating Activities Cash Flows from Noncapital Financing Activities:Proceeds from Bond SalesPrincipal Payments on BondsInterest Payments on BondsBond Issuance CostsPrincipal Payments on Pension-Related DebtInterest Payments on Pension-Related DebtTransfers to Other FundsNet Cash Provided (Used) in Noncapital Financing (56,694)(43,559)(151,040)11,118,670Cash Flows from Capital and Related Financing Activities:Acquisition of Capital AssetsCapital ContributionsNet Cash Provided (Used) in Capital and Related Financing Activities(1,079,877)377,006(702,872)Cash Flows from Investing Activities:Interest on Investments and Cash BalancesInvestment Income from Securities LendingInvestment Expense from Securities LendingNet Cash Provided (Used) in Investing Activities3,503,75524,840(24,840)3,503,755Net Increase (Decrease) in Cash and Cash Equivalents43,741,517Cash and Cash Equivalents - Beginning142,100,054Cash and Cash Equivalents - Ending 185,841,571 d to Statement of Net Position:Cash and Cash Equivalents - CurrentCash and Cash Equivalents - Current, RestrictedCash and Cash Equivalents - Noncurrent, RestrictedCash and Cash Equivalents - Ending (shown above) (Continued on next page)The accompanying notes are an integral part of the financial statements.11
Oregon Department of Veterans' AffairsVeterans' Loan ProgramStatement of Cash FlowsProprietary FundFor the Year Ended June 30, 2020Business-TypeActivity Enterprise FundVeterans' LoanProgram(Continued from prior page)Reconciliation of Operating Income to Net Cash Provided (Used)by Operating Activities:Operating Income Adjustments to Reconcile Operating Income to Net Cash Provided (Used)by Operating Activities:Depreciation/AmortizationInvestment Income Reported as Operating RevenueInvestment ExpenseInterest Expense Reported as Operating ExpenseBond Costs Reported as Operating ExpenseNet Changes in Assets and Liabilities:Accounts and Interest ReceivableDue from Other FundsPrepaid ItemsLoans, Contracts and Other ReceivableNet OPEB Asset - RHIA PlanAccounts PayableDeposit LiabilitiesArbitrage PayableCompensated Absences PayableNet Pension LiabilityNet OPEB Liability - RHIPA PlanTotal OPEB LiabilityDeferred Outflow of ResourcesRelated to PensionsRelated to OPEBDeferred Inflow of ResourcesRelated to PensionsRelated to OPEBTotal 392)(44,966)20,332(430)9,64428,427,760Net Cash Provided (Used) by Operating Activities Noncash Investing and Capital and Related Financing Activities:Net Change in Fair Value of Investments (651,974)Total Noncash Investing and Capital and Related Financing Activities (651,974)The accompanying notes are an integral part of the financial statements.1229,821,963
Oregon Department of Veterans’ AffairsVeterans’ Loan ProgramProprietary FundNotes to the Financial StatementsJune 30, 20201. Summary of Significant Accounting PoliciesReporting EntityThe Department is a part of the State of Oregon reporting entity. The Department operates underthe provisions of the Oregon Constitution Article XI-A and primarily Oregon Revised Statutes(ORS) chapters 406, 407, and 408. The Department’s Director is appointed by the Governor withinput from the Advisory Committee and is subject to confirmation by the Oregon Senate. TheDirector must be a veteran chosen on the basis of his or her executive and administrative ability.The Advisory Committee is a nine-member board, appointed by the Governor that acts in anadvisory capacity to the Director concerning all matters upon which the Director requests counsel.The State Legislature has significant ability to influence funding, approve the Department’sbudget, and pass laws governing the Department.In 1944 Oregon voters approved a constitutional amendment that authorized the creation of aVeterans' home and farm
The Veterans' Loan Program provides home loans to Oregon veterans at favorable interest rates. Both federal and State laws govern eligibility requirements on who may receive a veterans' home loan. As of June 30 ,2020 this Program had approximately 1,777 mortgage loans and contracts outstanding, with a principal balance of approximately 348 .
6. Loan geography 8. 7. Contractual cash flows for each loan or pool of loans Risk System Data: 1. Loan classes and grades 2. Modification history by loan class 3. Loan renewal and funding history by loan class 4. Loan prepayments history by loan class 5. Loan cash flows not collected 6. Loan grade LGD and PD rates 7. Loan grade charge-off history
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Loan Estimate and Closing Disclosure Time Chart 1 TILA RESPA Time Chart 3 Loan Estimate Rounding Chart 5 Closing Disclosure Rounding Chart 9. LOAN ESTIMATE . CFR Reference Loan Estimate Disclosure Annotated 15 H-24(A) Mortgage Loan Transaction Loan Estimate 19 H-24(B) Fixed Rate Loan 31 H-24(C) Interest Only Adjustable Rate Loan 35 H-24(D .
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