Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 615 - HIGHER EDUCATION LOAN PURCHASE PROGRAM
Section 457-615-II - Forward purchase contracts with eligible lenders
Universal Citation: 94 ME Code Rules ยง 457-615-II
Current through 2024-38, September 18, 2024
A. The Authority may enter into contracts with eligible lenders to purchase eligible loans to borrowers. Each contract may provide:
1. That the Authority will
purchase eligible loans originated by eligible lenders and may limit purchases
of loans to eligible loans evidenced by a Promissory Note approved by the
Authority.
2. That one or more
servicers selected by the Authority may process the origination of eligible
loans at the request of the lender..
3. That eligible loans held by the Authority
will be serviced by one or more servicers selected by the Authority pursuant to
a Master Servicer Agreement.
4.
Loans must be held by the Lender for a minimum period of time prior to purchase
to be determined by the chief executive officer.
5. Such other terms and conditions as are
customary in the industry, as determined by the chief executive
officer.
B. Eligibility
The Authority may enter into a forward purchase contract with any eligible lender.
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