Code of Maine Rules
99 - INDEPENDENT AGENCIES
346 - MAINE STATE HOUSING AUTHORITY
Chapter 7 - INDIAN HOUSING MORTGAGE INSURANCE PROGRAM RULE
Section 346-7-6 - Closing

Universal Citation: 99 ME Code Rules ยง 346-7-6

Current through 2024-38, September 18, 2024

A. The Lender shall collect the following amounts at the time of Loan closing, which may be payable out of Loan proceeds:

1. A Lender origination fee equal to the amount charged by the Authority in its HOME Purchase Program as governed by Rule Chapter 1 of the Rules of the Maine State Housing Authority;

2. A maximum, one-time lump sum mortgage insurance premium of four percent of the Loan amount. The actual premium, based on market conditions, shall be periodically announced by the Authority;

3. Fire insurance (with extended coverage) premiums for one year;

4. Credit life insurance and disability insurance premiums, if required;

5. Appraisal costs;

6. Cost of credit verification report;

7. Legal fees.

B. The Authority, upon approval of the Application, shall send to the Lender a Loan Insurance Certificate promptly after the Authority's receipt of the Lender's written certification that all Loan closing agenda items have been satisfied or will be satisfied in the ordinary course. Upon a Lender's written request, the Authority may approve a transfer of the Loan Insurance Certificate to any other financial institution as defined in 30-A M.R.S.A. §4702(7). Upon a transfer, all of the Lender's right, title, interest, benefits, and obligations under the Program shall cease and shall be assigned to the successor financial institution who shall then become a Lender within the meaning of this Rule.

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