House Bill 3610-A....Still Researching

Today the House passed 3610-A. What it will mean for homeowners is yet to be seen and believe it or not I don't have an opinion yet. I know, I know, big surprise there, as I normally do have an opinion.


One thing I do like is the bill requires the "lender" to give the borrower REASON why their loan modification is denied. There is a lot of ambiguity around this right now and requiring an actual reason seems to be a great idea.


It also requires the "lender" to file an affidavit stating their compliance with federal regulations and the reason the modification was denied.


I have copied and pasted some relevant portions which you might find interesting to read:


(b) If the beneficiary denies a request made under paragraph (a) of this subsection, the
beneficiary or the beneficiary’s agent in the notice shall provide the grantor with an expla-
nation of how the beneficiary or the beneficiary’s agent calculated that the grantor was not
eligible for a loan modification.


(a) If a grantor returns the form identified in [section 20 (6), chapter 19, Oregon Laws
2008,] ORS 86.737 (6) to the lender by the date specified on the form, the beneficiary or an agent
of the beneficiary shall review the information the grantor provided in the form and, in good faith,
shall process the grantor’s request. The beneficiary or the beneficiary’s agent, as soon as reasonably
practicable but not later than 45 days after receiving the form, shall notify the grantor


(4) Subsections (1) and (2) of this section do not apply to a beneficiary that determines in good
faith, after considering the most current financial information the grantor provides, that the grantor
is not eligible for a loan modification, provided that the beneficiary [informs] or the beneficiary’s
agent notifies the grantor in writing that the grantor is not eligible. In the notice, the benefi-
ciary or the beneficiary’s agent shall describe the basis for




It will be very interesting to see where this goes. Let's hope we see some change from this legislation.