(2) Prior to the submission by it of an application for the purchase by the department of existing residential loans under ORS 456.635, a lending institution may request the reservation by the department of funds.
(3) The department may grant a reservation of funds in such amount and subject to such conditions as it considers necessary under ORS 456.548 to 456.725.
(4) Upon the decision by the department to purchase residential loans under ORS 456.635, the department shall issue a binding letter of commitment subject to such terms and conditions as the department considers necessary. The letter of commitment shall be binding upon the department as of the date of its execution subject to the terms and conditions, if any, included therein. [1973 c.828 §§9,10; 1979 c.60 §5; 1979 c.327 §8; 1995 c.79 §255]
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