Information for Current Borrowers
The following information is for those who already have a loan with the ODVA Home Loan Program.
Loan Servicing
ODVA currently services all of its loans and has never sold the servicing rights to a third party. There is currently no online access to view individual accounts or make online payments. ODVA does not accept payments over the phone. Please see the payment section below for additional information.
Borrowers will have phone access to speak to a live ODVA representative during regular business hours Monday – Friday 8am-5pm, excluding most Federal and State holidays.
Home Loan Servicing Contact Number: (800) 633-6826 (Oregon only) or 503-373-2373
Home Loan Servicing Unit Fax Number: (503) 373-2393
Monthly Statements
ODVA currently does not provide monthly statements. An Annual Statement will be sent to borrowers every January. Borrowers may request a printout of their Transaction History by calling the Home Loan Servicing Unit at (800) 633-6826 (Oregon Only) or (503) 373-2373 or emailing orvetshomeloans@odva.state.or.us.
Payoffs
ODVA can provide a payoff statement good for up to ten (10) calendar days. The request must be sent in writing along with a signed Borrower Authorization form. Requests may be faxed to (503) 373-2393. ODVA will complete the request within 2-3 business days of receipt.
The payoff statements do not include any third party fees including but not limited to: fees paid to the original Trustee for the preparation of the Deed of Reconveyance and county recording fees. All third party fees are to be paid by the borrower at no expense to the Oregon Department of Veterans’ Affairs.
Payoff funds should be sent to 700 Summer Street NE, Salem, OR 97301-1285. ODVA does not accept wire transfers. Do not mail cash.
Any refunds due to an Automated Clearing House (ACH) withdrawal after payoff funds are received will be sent by USPS mail directly to the borrower within three (3) business days from the date of the ACH withdrawal. The ACH record will be automatically cancelled within ten (10) days of receipt of payoff funds.
If any other funds are to be refunded, they will be sent by USPS mail to the borrower within thirty (30) days of payoff.
Release documents will be sent by USPS mail within thirty (30) days of receipt of the full payoff amount to the borrower except for payoff packages that include written instructions requesting that release documents be sent to a third party. Release documents will not be sent to any third party mailing address outside of Oregon.
Verification of Mortgage (VOM)
ODVA currently does not report to any credit bureau. Credit information can be obtained by a Lender by submitting a Verification of Mortgage form with the credit information the Lender is requesting. The request must be sent along with a signed Borrower Authorization form. Requests may be faxed to (503) 373-2393. ODVA will complete the request within 2-3 business days of receipt.
Escrow
An escrow account (also called an "impound" or "trust" account) is an account set up by ODVA to pay Property Taxes and insurance on your loan. No interest is paid on the escrow account balances at ODVA at this time. A portion of your monthly payment goes into your escrow account. While the principal and interest portion of your payment will never increase, the escrow portion of your payment may change yearly dependent on the property tax and hazard, flood and earthquake insurance disbursement amounts. Borrowers will receive a yearly Escrow Analysis Statement at the end of the year showing the balance of the Escrow Account along with any adjustment that needs to be made to the account due to increased or reduced property tax and/or insurance costs. ODVA requires a two (2) month cushion of 1/12 of the prior property tax and hazard insurance premiums (hazard insurance includes flood and earthquake if applicable).
ODVA receives property tax statements directly from the counties. ODVA pays the yearly Property Tax payment in time to receive the 3% discount from the county. Borrowers should receive a copy of the Property Tax Statement from the appropriate county. This is a copy the borrower will keep for their own records. If a copy is not received, contact the county to be sure they have your current mailing address.
Whether or not a loan has an escrow account is determined prior to closing the loan. Escrow accounts are required for all loans that have Private Mortgage Insurance and/or required flood Insurance. Private Mortgage insurance housed in the escrow account but paid in and out monthly is not included in the 2 month cushion. Without an escrow account, the borrower would pay the property taxes and mortgage insurance directly. It is a requirement of all ODVA loans that the property taxes and insurance be paid current. Borrowers who do not keep these items current are at risk of collection activity, forced placed insurance, mandated escrow account participation and potential foreclosure. A borrower may apply to cancel their existing escrow account or set up an escrow account after the loan closes. Please contact the Home Loan Servicing Unit at (800) 633-6826 (Oregon Only) or 503-373-2373 for additional information.
Payment Options
ODVA accepts payment by check or money order mailed to our office in Salem, or to PO BOX 14004, Salem, OR 97309-5017. Borrowers can also authorize an AUTOMATIC PAYMENT from a checking or savings account, which will be withdrawn on the 5th of the month. The authorization form can be downloaded here. ODVA does not accept credit or debit card transactions for loan payments, either in person or over the phone.
Foreclosure Prevention
If you have a home loan with us and are unable to afford your monthly payments, read the information below. Then give us a call to discuss your options. It's your home; we want to keep you in it.
How can ODVA help?
Our servicing team will review your current circumstance and then help you understand your options.
Who do I contact?
Call us toll-free at 1-800-633-6826 during normal business hours, Monday through Friday (except holidays) between 8 a.m. and 5 p.m. Pacific Time. The most important thing you can do is keep communicating with us.
What other resources are available?
There are several organizations that provide foreclosure prevention options, some of which are listed below. We encourage you to contact ODVA Home Loan Department first; however you may want to read up on additional information:
www.makinghomeaffordable.gov
Official program of the U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development to help homeowners struggling with unemployment through targeted foreclosure-prevention programs.
You can also contact a HUD-certified housing counseling agency by calling this toll-free number: 1-800-569-4287 or via TDD assistance at 1-800-877-8339.
www.knowyouroptions.com
A homeowner resource provided by Fannie Mae.
www.oregonhomeownerhelp.org
Additionally, the state of Oregon offers foreclosure prevention programs and information: