Oregon Rev. Stat. § 86A.198 requires translated forms to be provided when the terms of the loan are advertised or negotiated in a language other than English. Subsection (2) in particular requires:
(a) A good faith estimate required under the Real Estate Settlement Procedures Act, 12 U.S.C. 2601 et seq., and under Regulation X, 24 C.F.R. part 3500, as enacted or promulgated on January 1, 2010;
(b) The disclosures related to the transaction that are required under the Truth in Lending Act, 15 U.S.C. 1601 et seq., and under Regulation Z, 12 C.F.R. part 226, as enacted or promulgated on January 1, 2010; and
(c) A statement notifying the borrower that loan documents associated with the transaction will be in English and advising the borrower to obtain appropriate assistance with any necessary translations.
Subsequent to the implementation of the Integrated Disclosures, the Oregon Department of Consumer and Business Services implemented Rule OAR 441-865-0060, which states, in part:
“A copy of the completed, translated Loan Estimate and Closing Disclosure provided to the borrower as required by Regulation Z, 12 C.F.R. Part 1026 and maintained in the borrower file will comply with the requirement in ORS 86A.198 to provide a translated good faith estimate and Truth in Lending Disclosure”
Consequently, we are changing the configuration for our Oregon Spanish Truth-In-Lending Disclosure, Cx15658. Currently this disclosure prints for Spanish-language loans in Initial and TILA-Redisclosure packages in Oregon. The configuration is being slightly changed to include “Integrated Disclosure Loan Indicator” (Field 82233) = No, so that the disclosure will not print for TRID loans. In addition, our Oregon Spanish General Disclosure, Cx15657, is being modified to include document logic that will reference the Loan Estimate and Closing Disclosure for TRID loans, instead of the GFE and TIL. Due to this document logic, it is not necessary to change the print configuration for Cx15657. The print configuration for our Oregon Spanish Good Faith Estimate, Cx15656, will also remain the same, since the “Print GFE” configuration trigger already has mappings to prevent the document from printing for TRID loans.
These changes will be in effect on May 1, 2018. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.