On January 17, 2008 the Maine Department of Professional and Financial Regulation released Joint Advisory Ruling #114 to clarify disclosure requirements promulgated under the “Act to Protect Maine Homeowners from Predatory Lending.” A copy of the ruling can be found at this link.
The net tangible benefit analysis required for “flipping” now only applies to subprime mortgage loans. As a result, the department modified the Reasonable, Net Tangible Benefit Form to make it refer to subprime mortgage loans only. The revised form will be available following the nightly synch on January 26, 2008.