2011 Me. Legis. Serv. Ch. 427 repealed Me. Rev. Stat. Ann. tit. 9-A, §8-206-J, which, under Subsection (2)(B), had restricted late charges on residential mortgage loans to 5% of the amount of the late payment, which payment is at least 10 days delinquent.
The late charge software rules used by DocuTech have not been affected by this change, since these rules follow FNMA Guidelines, which cap late payments to 5% of the late installment, which installment is at least 15 days delinquent (see FNMA 2011 Selling Guide, B8-3-02). Late charges in Maine for first lien mortgage loans have been following, and will continue to follow, this rule.
Our Late Fee Table 2011 has been updated to reflect the change in Maine’s law.
August 8, 2011