Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 204 - SECONDARY MARKET PROGRAM
Section 457-204-15 - Repurchase by Lender for Servicing

Universal Citation: 94 ME Code Rules ยง 457-204-15

Current through 2024-38, September 18, 2024

If, in the opinion of the Lender, repurchase of the Guaranteed Portion of the Eligible Loan is necessary to adequately service the Eligible Loan, the Holder shall agree to sell the portion of the Eligible Loan to the Lender for an amount equal to the unpaid principal and interest on such portion less Lender's servicing fee.

A. The Lender shall not repurchase a Guaranteed Portion from the Holder for arbitrage purposes or other purposes to further its own financial gain:

B. Any repurchase will only be made after the Lender obtains, the Authority's written approval; and

C. If the Lender does not repurchase the Guaranteed Portion from the Holder, the Authority at its option shall have the right to purchase such Guaranteed Portion for servicing purposes.

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