Maine Association Of Mortgage Professionals Blog Maine State Housing Authority’s Repeal and Replacement of Chapter 1: Home Mortgage Program Rule

To:                  Interested Parties From:              Craig Reynolds, Director of Homeownership Date:               February 28, 2018 Subject:           Maine State Housing Authority’s Repeal and Replacement of                         Chapter 1:  Home Mortgage Program Rule ______________________________________________________________________   The proposed Home Mortgage Program Rule is available for your consideration and comment.    A copy of the proposed replacement rule may be found at www.mainehousing.org.   The proposed changes from the current rule are as follows:   ·       “MSHA” references are changed to “MaineHousing.” ·       The new mortgage requirement is clarified to state that a homebuyer may not currently have a mortgage on the residence (Section 7). ·       Mobile home security requirements are updated to comply with current law (Section 13). ·       The requirement for fidelity insurance on condominiums is changed from condominiums with greater than 30 units to condominiums with greater than 20 units (Section 14. E.). ·       Language allowing MaineHousing to limit mortgage insurers by type of mortgage insurer is added (Section 15.). ·       The section on application requirements for lenders to participate in our single family requirements is expanded (Section 17.B.). ·       The Servicing Agreement is referenced in the section requiring indemnification from a Qualified Servicer (Section 18.F.).   Public Hearing and Comment Period A public hearing on the proposed Home Mortgage Program Rule is scheduled for Tuesday, March 20, 2018 at 9:30 a.m.  The hearing will be held in the Board Room, located on the 4th floor of the MaineHousing offices located at 353 Water Street in Augusta, Maine.  Maine State Housing Authority’s office and the hearing room are accessible to persons with disabilities and, upon sufficient notice, appropriate communications auxiliary aids and services will be provided to persons with disabilities and persons with limited English proficiency.   Written comments will be accepted until 5:00 p.m. on Friday, March 30, 2018.  Comments should be submitted to creynolds@mainehousing.org or mailed to Craig Reynolds, Director of Homeownership, at 353 Water Street, Augusta, Maine 04330-4633.