Consumer News - Maine Real Estate Financing & Mortgages

MBA of Maine Launches Site Redesign - 6/5/2008

The Mortgage Bankers Association of Maine, a statewide membership association of professional mortgage lenders, real estate appraisers, and title companies today announced the launch of a new website developed by Hall Web Services of Scarborough, Maine. The new website features general information about the association, membership information, a calendar of events, and resources for finding an MBA member.




MBA OF MAINE RAISES $17,000 - 6/5/2008

    The Mortgage Bankers Association of Maine presented a check for $17,000 to Major General John W. Libby of the Maine National Guard on Monday, September 24. The funds were proceeds from the 2007 MBA Golf Tournament held September 11 at Spring Meadows.

    Governor Baldacci was on hand to thank the MBA leaders for their generous support of this important fund. Major General Libby accepted the check from MBA Golf Committee chairman Bob Morrill of First Suburban Title Services Company The "We Support Our Troops" fund helps families of deployed Maine troops when they need assistance with such things as home repairs, heating fuel and mortgage payments.

    The presentation was shown on Fox 23 TV. If you wish to view the presentation, please go to:

    Congratulations to Bob Morrill and the entire golf committee for their hard work in this huge success. They are: Kirk Armstrong, Cornerstone Title; Bob Morrill, First Suburban Title; Rick Rand, MGIC; Sterling Williams, Gorham Savings Bank; Susan Laliberte, Gorham Savings Bank; Tom Lavoie, TD Banknorth; Mary Ann Tilton, Keller Williams; Tina Niles, Republic Mortgage Insurance Co.; and Randy Kempton, Kempton Appraisal.

    And special thanks to all of the sponsors and golfers who contributed generously to such a wonderful cause.




Check out MBA's Credit-Bearing Educational Programs - 6/5/2008

    New Office of Consumer Credit Regulation rules require continuing education credits for anyone being licensed as a supervised lender or loan broker, or registered as a loan officer at an institution supervised by the OCCR. Those licensed or registered prior to January 31, 2008 must complete 12 credit hours of approved courses by that date and 12 hours of continuing education annually thereafter. Those registering or seeking licensure after January 31, 2008 must complete an initial 16 hours and 12 hours annually thereafter. (For complete details, go to "www.maine.gov/pfr".)

    To help members obtain credits, MBA of Maine offers a number of approved credit-granting courses. Participants who wish to receive credit must pass an exam at the end of the program. They will receive a certificate form MBA of Maine.




MBA National Delinquency Survey - 6/5/2008

The MBA of America has released its National Delinquency Survey for the first quarter of 2008.  It shows the seasonally adjusted delinquency rate for all outstanding loans at 6.35%, an increase of 53 basis points from fourth quarter '07, and up 151 basis points from one year ago. 

For an overview and summary of findings, contact Pam Green at the MBA Maine office at 207-791-8412.

To purchase the complete survey, call MBA of America at 800-348-8653.




Indymac Advisory - 7/9/2008

On July 7 Indymac Bancorp Inc. announced it would cease most of its origination activity and lay off nearly 4,000 employees, as efforts to raise fresh capital failed and banking regulators advised the Pasadena, Calif.-based thrift that it had fallen below levels considered “well capitalized.” It will continue its Financial Freedom reverse mortgage program. The announcement is attached.

While Indymac stated it intends to honor all of its existing rate-locked loans, all closing agents should follow  our "good funds" procedures, and verify that sufficient wired funds have been received prior to disbursement.