Maine Revised Statutes Title 9-B. Financial Institutions § 855. Real estate mortgage loans

A. The total liability of any member upon loans within this section shall be as established in section 854, subsection 1.

B. No loan made pursuant to this section may exceed 90% of the appraised value of the property mortgage, as determined by the credit committee. Loans pursuant to this section may be made in an amount not exceeding 100% of the appraised value of the mortgage property if at least the top 20% of the loan is insured by a mortgage guarantee insurer licensed to do business in this State or if the loan is insured or guaranteed by the Federal Housing Administration or any other state or federal agency.

C. The note or other obligation evidencing a first mortgage loan shall require monthly payment of the interest and principal thereon sufficient to repay the entire loan within a period not exceeding 30 years, except that this provision does not apply to real estate loans insured by the Federal Housing Administration.

D. The note or other obligation evidencing a loan other than a first mortgage loan shall require monthly payment of the interest and principal thereon sufficient to repay the entire loan within a period not exceeding 15 years.

A. Aggregate limitation on total real estate mortgage loans as a percentage of total loans and total assets;

B. Maximum loan-to-value standards;

C. Types of property eligible for loans;

D. Guidelines for selecting real estate appraisers;

E. Maximum debt-to-income ratios for borrowers; and

F. All other standards essential to the prudent management of real estate lending including the responsibility of 3rd-party contractors who prepare documentation for loans on behalf of the credit union.