Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 101 - LOAN INSURANCE PROGRAM
Section 457-101-11 - Premiums, Fees and Other Charges

A. The authority may charge an application fee of up to 1% of the amount of proposed authority insurance liability, with a minimum application fee, if so imposed, of $250.

B. In addition to other requirements, no loan insurance or renewal of loan insurance shall be effective until the Authority has received a commitment fee of between 0% and 2%, as determined by the Authority from time to time and set forth in the Credit Policy, of the insured percentage of the principal amount of the insured loan, due upon acceptance of the commitment.

C. In addition to other requirements, the Authority shall be paid a loan insurance premium of between 0% and 5%, as determined by the Authority from time to time and set forth in the Credit Policy, of the maximum insurance liability on the insured loan on the date of closing and on each anniversary thereof while insurance is still in force.

D. Where application is made to obtain the Authority's consent pursuant to a loan insurance contract to transfer of collateral, alteration of rights or other matters, the Authority may charge the borrower for the cost of the Authority's staff utilized to review the application and for the Authority's out-of-pocket expense in connection with the application.