Oregon passed a bill requiring mortgage lenders and servicers licensed under the Mortgage Lender Law (MLL) to provide an annual “notice of responsibility for property taxes” in connection with a reverse mortgage contract. Under the bill, a lender or servicer licensed under the MLL must annually provide a “notice of responsibility for property taxes” to the borrower of a reverse mortgage loan, or to any escrow agent, title insurance company or other agent that pays property taxes from an escrow account on the borrower’s behalf. The bill also repeals an exemption to the “summary of reverse mortgage terms” notice requirement currently provided to mortgage lenders and brokers licensed under the MLL. The bill becomes effective January 1, 2018.
See Oregon State Legislature website for the full text of the Statue
