Section 346-1-20 - Rule LimitationsA.Other Laws. If this rule conflicts with any provision of federal or state law, such federal or state law shall control.B.Pool of Eligible Borrowers. This rule establishes a pool of Eligible Borrowers and does not confer any rights to Mortgage Loan money on such persons. MaineHousing may provide further or more detailed guidance on eligibility criteria and administrative procedures in other publications such as the Procedural Guide.C.Additional Requirements. This rule does not preclude additional or alternative requirements to implement § 143 of the Internal Revenue Code, the Act, or this rule, or to facilitate the Bond sales.D.Waivers. Upon determination of good cause, the Director of MaineHousing or the Director's designee may, subject to statutory limitations, waive any provision of this rule. Each waiver shall be in writing and shall be supported by documentation of the pertinent facts and grounds. BASIS STATEMENT: This replacement rule repeals and replaces in its entirety the current Home Mortgage Program Rule. The replacement rule does the following:
(i) MSHA references are changed to MaineHousing;(ii) the new mortgage requirement is clarified to state that a homebuyer may not currently have a mortgage on the residence;(iii) mobile home security requirements are updated to comply with current law;(iv) the requirement for fidelity insurance on condominiums is changed from condominiums with greater than 30 units to condominiums with greater than 20 units;(v) language allowing MaineHousing to limit mortgage insurers by type of mortgage insurer is added;(vi) the section on application requirements for lenders to participate in our single family requirements is expanded;(vii) the Servicing Agreement is referenced in the section requiring indemnification from a Qualified Servicer.FISCAL IMPACT NOTE: The rule will not impose any cost on municipalities or counties for implementation or compliance.
99- 346 C.M.R. ch. 1, § 20